Hi I just found a four unit building in florida the owner of the property has two units rented out but the building needs some rehabbing for the lower two units to be rentable.
I have been in construction and or home improvements my whole life and did a walk through, and estimated the rehab money and downpayment for the project to be 40k.
The owner of the property is willing to sell to me on lease with option, no payments for six months the total cost is 195k with 20k coming off the top for the downpayment.
We had a realtor do comps on other buildings within a one mile radius and came to the conclusion that the building will appraise out to between $290k-390k.
I need 40k kinda fast to close on this deal and can have the funds back to someone within 6 months easily. My way of paying of course is to make monthly intrest only payments and fix the place up and get two renters on one to two year leases and then advertise the place for sale and qualify the right people so that I can either sell the note or to refinance and pay back the orginal note.
I know from experience that the whole rehab of this project will not take me any longer than one month as I have a very good group of labor to work with.
So how long will it take me to find a hard money lender that can act quick as next week?