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Updated over 3 years ago, 03/31/2021

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11
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2
Votes

First deal, lost in financing

Posted

Bigger Pockets writing here to seek help and advice on my first deal.

I have officially came under contract for my first deal, I plan on using the BRRRR strategy.

I have the property under 105,000 and compared the ARV of many other comps and came at the minimum of 170,000, so got 65,000 of equity in the bank. I do have the money for a down payment but seeking financing for the property and potentially the rehab cost which I've calculated at being around $35,000 rounding to 37,500 for misc. with 12,500 of this being Cap. Ex.

What options do I have here? 

For a 24 yr ind. I don't have the taxes required, so I would co sign the property with a family member if needed.

Seeking financing with quick refinance options (non-3 month) 

I've also considered on doing an equity line of credit after refinancing, is this something that's possible to do with the BRRRR strategy?

In advance thanks for the input.

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