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Updated over 9 years ago,
Rehab Partnership Structure - San Antonio Denver Heights
First of all, I want to say I am ashamed that I have known about and have utilized biggerpockets a number of times but have not been active on the forums. I know I've done myself a disservice on all fronts because I've seen the growth of biggerpockets as a valuable community of real estate information.
Without the details I'll present a situation I have before me as succinctly as possible ND any help would be greatly appreciated.
Classic formula price of .75% below market less repairs and holding costs. But not home run numbers beyond that. Buyer will hold a 6 month note to basically allow me to rehab the property before full payment is due. I have multiple estimates around the 15k range as it's a cosmetic rehab.
I want to hold long term for cash flow.
I'm not inclined to speculate but the area is primed to develop as it's close to downtown San Antonio. But this is icing on the cake.
Problem is I don't have the rehab money.
I have yet to find a lender to refinance for less than 12 months seasoning
Am I resigned to assigning for quick change?
Is private money available for such a small deal? I know, in theory of course it is and my challenge is attracting it.
Please, any ideas or thoughts would be greatly appreciated.