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Updated about 13 years ago on . Most recent reply
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potential 2 fam. deal with exit strag.
Hey guys,
I have a deal I am working on here in NJ. 2 family that was rehabbed, investor looking to sell fairly cheap (before winter sets in) not a steal but slightly below FMV.
What attracts me to it is it's location and I already have a tenant ( a great tenant) willing to move in and rent from me for 4 to 5 years and then purchase the property for ~ 35k more then I am paying for it. I just need to fill a small 1 bedroom on 2nd floor which shouldn't be a problem.
Cashflow during the meantime won't be great but will be roughly around ~ 400 to 500 . This is a very small all brick 2 family so the 50% rule may not even apply here. New boiler, new roof, newer windows and I will replace water heater.
Property is a 2 family total rent roll is 1500 and 800 so 2300 total. Taxes are 6800.00
My big hangup is coming up with 25% down as I am governed by the fannie mae stricter guidelines as I have 5 properties. I will be out of pocket around 60k which I am not happy about but thihs property fits my profile of properties that I like to invest in.
any thoughts on how I can be creative and not be so out of pocket on this?
as always thx in advance,
Chris