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Updated about 3 years ago,
Buying a Duplex in Puerto Rico, question about rehab money?
Im going to buy a duplex in Puerto Rico in great location for around $385K, both are 3/1, the house needs some work. The down payment and closing cost comes around at $50K that we are going to use from our company. The part that we are trying to figure out is that the estimated rehab for the whole house is around $70k-$100K, do get another loan for the rehab, get it from hard money lenders or friend and family, we are trying to figure out that part.
The comparables in the area for the rehabbed house is around $600k-$700K, so once we have the house done we can refinance and get it back.
What is your guys opinion?