First Property - Duplex/ Buying Wholesale

[Elsa Long]

Hey all, 

My husband and I have been wanting to get into acquiring rental properties. Here’s a scenario that we’re looking at and have a few questions about since it’s out first!

it's an outdated wholesale duplex property that currently has tenants. We don't have a ton of money, and figured no FHA because it's a wholesale. My knowledge is that wholesale properties need to be bought in cash and can't get financing. (However we can find a private lender instead right?)

So what I was thinking (say the numbers make sense) that we find a private/hard money lender, put a small down payment so that we have skin in the game too not just the lender, increase the interest rate so it’s beneficial to the lender, rehab the duplex, and increase rental price, then refinance in 1 year having a background of tenants to show the bank, and to pay back the lender so it’s a short term investment.

What do you guys think? Where can I find more info on how purchasing wholesale properties in a situations Like this? How do you guys find your private lenders, (I assume word of mouth and asking around) and how do you guys like to make this a good deal for the lender and secure the financing???

Im stoked on this property All that’s left is how are we going to finance it!