Rental Property Investor · Gainesville, FL · Member since 2019 · 13 posts · 1 vote
So I have my eyes on some off market properties that already have tenants and with seller financing but I need about 20-25k for down payment and some costs. Is there a way to get a loan with interest only payments and maybe with a balloon payment in a couple years? Or is this not something that's even doable? Or is there a place to look for partners in Florida? I'm more of a handy man I like hands on work so meyb I would make a good partner to someone who is financially savvy
Investor · Lutz Florida . · Member since 2018 · 103 posts · 34 votes
4y
@Anthony,welcome to the BP family. To your question, a private lender will solve your problem if you are willing to pay higher interest rate for a short time...
Investor · Lutz Florida . · Member since 2018 · 103 posts · 34 votes
4y
@Anthony Ramirez.Hi Anthony the amount you are intending to borrow seems aittle too small for most private lender and again they the lender do want some equity position in the deal.
I bought a 400k property in September,I borrowed 200k from a private lender at 10% interest rate and 1.5% origination fee and a 1st equity position plus rent assignment built into the contractjust in case I default....this kind of gives u an overview .The goal for u is not to feel frustrated and give up no matter the challenges.
P.S
If you have a W2 job that have a 401k,you can tap into your 401k and borrow against it,easier and quicker.