Getting a 2nd Property at 22yrs old
Hello, my name is Cole. I just turned 22 and I currently have one rental property which is a duplex. I found several properties near my current property which are great deals. One of which I desperately want to buy. I’m really struggling getting financing or another way to purchase. I’ve been running though different purchasing scenarios/strategies but none seem to be working out. I’m currently trying to contact the seller to see if they are open to seller financing. The numbers are all good, positive cash flow, the issue is getting the property. Does anyone have any ideas that may be able to help? Thank you very much.
Most Popular Reply
First off, awesome work at such a young age! I wish I had started that early! One option that I used at 24 was partners. I found two like-minded buddies and we all went into partners on a deal. Also, have you explored the options of hard-money and then BRRRR into a traditional mortgage through a local bank? Keep pushing for seller-financing as well!
Main thing though, instead of "I can't afford it" think "How can i afford it?". There's always an option out there! Sometimes its as simple as not taking "no" as an answer from a lender.