Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $270,000

Cash invested: $54,000

A multi-family upper/lower duplex in Ankeny found off-market during COVID.

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If you are investing out of state, then do you already have a good property manager lined up? 

Friends pointed it out to us How did you finance this deal?

I've been part of a mentorship group for the whole time, I built a deal team and I've been looking at purchasing a cash-flowing business utilizing SBA financing.

I do emphasize on showing that my 1800 property is not going to magically become modern. 

I had a flipper come to me asking about doing a new development.He would need $240,000 to purchase the land from a wholesaler and then he would have his GC partner get the construction loan but they cant get the loan if their is someone else that has a lien on the property so i would have to collateralize against one of their assets which they don't have.

:(The system found out that many people were NOT cut out to be property owners.

So I want purchase it as my first rental property it's going to need rennovations for sure not terrible shape just older rancher home.

It started small, just helping to draft LOI's, running down property leads, making calls, but the important thing was just getting in and DOING it. 

Through a wholesaler How did you finance this deal?