Leominster, ma, single family. Alex

[Alex Silva]

Hi everyone,

Let me start explaining my goals at first and how they changed a little. My idea, at first, was to save some money and invest in $30k properties. I now that we can still find them in my region. It could be little far, some may say, but, what is far today, may be close tomorrow. I was trying to concentrate in condos, since I can buy them cash and around my target price of $30k. And let it rented, save little more, adding the rental and keep going. Last year, I went to see a2 bedroom condo, in a great deal, but the owner didn't open the door. Looks like it was a scam. Well, my broker asked me to see this 2 bedroom house in the same city, which I ended up buying it for $65k and closed in January/15. I kept the doors closed for couple months, trying to raise some money to start this rehabb. Gutted the inside and started to rebuild. This particular house was a 2bed, 1  bath, living, dining and office . I moved the kitchen to the office and turned the old kitchen in another bedroom. I removed the chimney to make room for another full bath on the second floor.As a today, I'm almost done. The house now is a 3 bed, 2 full baths, living and dining rooms. Maybe beginning of September it will go to market. My broker said it will go market for $239k. A house across the street is listed for $319k with 3 bed, 2 bath, living and dining room and full finished basement which mine doesn't have.

So far I have dried all my savings and borrow money from my business  partner. My wife wants to kill me. But, the future looks bright, since I hope to flip and make at least $80k in profits.

Now, this project has been done with all cash. Only owe $6k to my business partner, was wondering in getting a bridge loan to secure a 2 family that I want to purchase and hold. Is it a good idea?

Does anyone knows the % interest for a bridge loan?

Will keep posted when house is sold