Updated over 6 years ago on . Most recent reply
HELP! Potential first rental purchase!
Hello out there BP brothers and sisters!
My wife and I are currently looking to purchase our first rental. My aunt recently approached me about selling one of her rental properties, so I asked if she would sell it to me and she said yes. She offered me a price well under what I would have listed for. I have done the math and it will cash flow immediately nearly double the estimated mortgage(piti) and has long term tenants in place now(6yrs). So the trouble I have ran into is financing! With having recently refinaced a primary and also having recently purchased a big ticket item(tractor) I am having trouble finding any lenders willing to loan me the money. How/ who might I pursue in helping secure funds? Any suggestions will be greatly appreciated. Thanks for your time!