Hello, I am looking for advice on the best way to fund a package deal. My experience as an investor is that I have purchased one property in Jacksonville Ar. This property appraised at 110,000 and I purchased for 95,000 which cash flows $100/mo. This was a turnkey property and I just did a traditional 30 year mortgage. So, I apologize in advance for any confusion misused terminology.
For the rehab portion, I have not yet done a rehab on a property but I have been in the construction industry for over 25 years and do understand processes, contracts, and timelines.
I live in California and am investing in the North Little Rock and Jacksonville areas. My current opportunity is a deal that consists of 2 SFR properties. Both properties have an ARV of 110k, and $1,050/mo rental income. Purchase for both properties totals 120k with estimated 40k in repairs. Property 1 is purchase of 80k and 10k in repairs, property 2 is 40k with 30k in repairs.
I'm thinking of different options on how to fund and I'm not sure what options I actually have and/or would be best. Any advice is greatly appreciated. Here are options I have been thinking of:
- One 30 year mortgage for both properties then pay out of pocket or hard/private money to rehab,
-Private money to pay cash for both and cover rehab
-Regular mortgage on one and private on the other
-Private money to cover down payment 30 year mortgage and rehab
Thank you.
