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Updated about 8 years ago,

User Stats

65
Posts
33
Votes
Bradley Scruggs
  • Investor
  • North Kingstown, RI
33
Votes |
65
Posts

Funding this project

Bradley Scruggs
  • Investor
  • North Kingstown, RI
Posted
Alright BP! I'm going to lay out all the numbers and the circumstances. This is a 4plex, there all 1 bed/1bath. No central a/c. (Rent from $275-325/mo) fully rented ($1,180 which would be 295 a unit.) 3 are currently rented, 1 isn't. Plans are buy and renovate the one unit that is currently vacant. Rent it out. Then refinance. (BRRR) He's offering owner finance for 69k which I feel like he'd take a lower price if I financed myself. Question is though how do you finance when being far away from the property. Do I get local banks here? I'm stationed away from the property as it is back home. I do have my brother in law interested in helping out with the property and being apart of the team. I haven't checked out the property yet, as this is my first time buy so I'm just asking opinions. I don't know precisely what needs to be renovated. Thanks!

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