8 unit In detroit exit strategy help

[Joel Quiroz]

Hey guys, Should be getting an 8 unit under contract in the next day or 2. Its bringing in 4500+/month, taxes are about 5k annually, new roof within 5 years, heavily screened tenants, 3 units have been updated. Im still new to alot of this and Wondering if wholesaling this at 365k is better or is there a chance at some low down-payment funding to buy and re-list? Purchase price would be 330-340k. Thanks for any help

[Tom S.]

@Joel Quiroz When you post, you'll also have to post some further rehab estimates.  You mentioned 3 units are updated, which implies 5 are not, and what's needed?

If you're looking to buy it with a low downpayment option, you can try a commercial loan (since it's 8 units) and see if the seller would carry a 2nd?  If the bank does 70% and the seller carries 25%, then you would only need to come in with 5% down and closing costs.

All depends on the banks in the area and their appetite for these loans at the moment, but could be an option.

Good luck!