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Updated about 9 years ago,
Creative Finance 0 down deal help
Hey BP family,
I'm working on a duplex deal right now. I've never done a deal like what I'm trying to pull off. So I could use a hand figure this out.
3bd 1ba one side 3bd 1.5ba other side
Listed @ $115,000
Potential rent after rehab - $850/side
Total Est. rehab expense = $50-60K obviously major Cap Ex with complete redo of kitchens and baths.
ARV = $180K
What i would like to do is Private money or Hard money finance the purchase and rehab cost and then refinance as soon as I can.
I want to buy it for $80-90K with Cash (from private or hard money @ 15%apy)
Have about $140K in total rehab/purchase cost and refi at 75/25
Take the cash and pay off private/hard money loan and have a 25% equity stake as well as tenants paying rent.
anything I'm missing or should be aware of? One thing I realize is that the numbers won't be perfect and I'll probably still end up with at least $10K out of my own pocket and maybe more, but I figure I could live with that to have this kind of deal and property.