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Updated about 8 years ago,
Funding this project
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!