Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago on . Most recent reply
How to finance a property that will need some repairs
Hi everyone,
So I found a 3 family property that I would like to purchase and keep as a rental for the future.
The property currently needs about 20-30k in work, and is currently listed for 200k, although I believe it is worth closer to 180-185k currently, with an ARV of about 230k-250k. After repairs the property should rent for about 2700-3000 a month.
I don’t have enough saved up to buy the property conventional, then afford the upfront maintenance to capture market rent. So what is the best way to finance the property to keep as a rental for the future?
I appreciate any help or insight that you can provide
Most Popular Reply
#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Ithaca, NY
- 1,243
- Votes |
- 1,516
- Posts
#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Ithaca, NY
@Michael Bataran
Plenty of ways. Do you own your own house you can pull equity out? Can you go FHA on the new property? Have you asked a rich family member for some downpayment help? Do you have a partner who would like to go into RE with you?