Updated almost 7 years ago on . Most recent reply
2nd Investment property
I currently house hack a three family i purchased in 2015 which allows me to live almost for free. I have built quite a bit of equity in this property but not enough to touch. I am 100% debt free minus the mortgage but saving a downpayment for the next investment property is a slow and painful process. I have contacted multiple private/hard money lenders on recent deals i have found, only to find that these lenders are asking for almost as much " skin in the game" as it would cost me if i just went with conventional financing. I have also sourced some small lines of credit and personal loans but the associated risk in going that route does not sit well with me. I feel completely stuck and would hate to keep passing up deals for the next year or two that it would take to save 15 - 20% down. Any tips or ideas on how to get around this problem?