(*Deal Alert*) Five Plex

[Brian Ovalle]

So I got a deal but i just want to know what y'all think. The seller is wanting $160,000 for the 5plex, it's vacant and only has 1 tenet and needs work. I'm thinking it's going to take me 6 months to fix it and about $50,000. The seller owes about $40,000. So I'm thinking about borrowing $100,000 from investers with 4%. Pay the seller $50,000 so he pays it off and use the other $50,000 to rehab it. So in 6 months my total investment will be $224,000 and the ARV is looking about $250,000 and rent for each unit is $700. I talked to the seller and it's all owner to owner he's willing to negotiate but he will wait untill i refinance for the rest of the $110,000.