Creative Financing.......Where can I get $175,000 for down payment?
Hi All, I currently buy & hold 8 units. There is an 8 unit building nearby (Southern NH) that I am interested in. And, even if I don't buy that building, I am planning to purchase more units.
I have exhausted my resources buying my first 8 units. I have an equity line on my paid off house for 4 of the units and I use an FHA loan for the other 4 units. They all cash flow and I am pre-paying the mortgage with that cash to be free and clear in 15 years.
I don't have the 25% to put down. And my mortgage broker tells me I can't use a portfolio lender or do hard money because they want more down or more equity in the purchase.
I know some people with deep pockets, I can ask them for a loan....chances are slim, but I'll ask.
Where else can I come up with $100-$200k?
Thanks for your answers.