Found a property I really like in but it’s a total reno and our agent is telling us the purchase is cash only. The property has 7 acres with a 3/2 main house and a second separate 2/1 house (which also needs renovation) with its own drive.
I’d like to buy the place, renovate it, and then live in it for a few years as my primary while renting out the 2/1, and then ultimately selling or renting out the main house too.
wondering what the best purchase strategy would be considering I don’t have the full purchase price in cash on hand? The ask is 300k.
Can I use a hard money loan or some other financing to get a cash deal? Would that loan include the renovation costs based on the ARV?
We have an LLC that holds real estate but have run into issues refinancing through the LLC when family is renting or ultimately living in the property so I'm also not sure if this should go through the LLC or be a personal purchase?
Thanks!
