First off, I just want to say what’s up gang. I’ve been checking out this website for a couple of weeks and I love it.
I have invested in commercial properties, but I am now looking to get into residential. I think I found my first deal, but I don’t really want to put any of my own money into it. I’m thinking hard money, but what could my terms be?
Here’s the scenario:
Single family home
Purchase price 35-40k
Only needs minor repairs (paint, carpet, etc.
I estimate ARV to be 75k (conservative)
I want to use this property as a rental so I need good terms for the long term.(no prepay, low costs, rate preferably 12 or less)
Income:32k salary plus commish(50k total)
very little debt.
Would this be possible or am I just dreaming and would I need to put 20% down?
Thanks in Advance,