Updated over 3 years ago on . Most recent reply
Vacant four-family. Grant money used for rehab.
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Putnam.
Purchase price: $81,000
Cash invested: $50,000
Vacant and distressed four-family purchased off of auction.com. I was able to use private financing to fund the purchase and I was awarded a $120,000 grant from a local housing agency to remodel the building. I'll need to spend $50,000 out of my own pocket for rehab costs over and above the grants funds. I'll use a business line of credit to fund the $50,000 and I'll refinance into a 30 year fixed rate residential mortgage when it's fully rented in Spring, 2019..