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Updated over 4 years ago on . Most recent reply

User Stats

12
Posts
11
Votes
David B.
  • Investor
  • East Grand Forks, MN
11
Votes |
12
Posts

First Duplex...a few questions.

David B.
  • Investor
  • East Grand Forks, MN
Posted

Here is a summary of the deal in front of me:

Duplex in Minneapolis, MN (investment property, I won't be occupying)

Purchase Price: $250,000

Rehab needed: $10,000

ARV: $300,000

Units w/ est. rents: 2/1 @ $1,400 & 1/1 @ $900

Available cash: $60,000

A couple questions (which may lead to more questions):

1.) What financing options should I be considering? commercial 20 yr w/ rehab funds? hard money and refi after repairs and renters are in place? something else?

2.) Should I be forming an LLC and buying as a commercial entity or is it okay to buy in my name for the first deal?

Thanks in advance.

Most Popular Reply

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4,848
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3,414
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Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
3,414
Votes |
4,848
Posts
Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
Replied

@David B. @Tim Swierczek has some awesome rehab loans.

2. I would form an llc and get good insurance but always consult a good attorney

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The Moorhead Team
5.0 stars
136 Reviews

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