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Updated over 7 years ago on . Most recent reply

User Stats

216
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57
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Mark Smith
  • Schaghticoke, NY
57
Votes |
216
Posts

How do I pay back an investor?

Mark Smith
  • Schaghticoke, NY
Posted

I'm facing a bit of a dilemma:  I found a property that I would love to purchase, however I do not have the cash for a down payment.  I would like to find an investor who would cover the down payment, closing costs, etc.  How do I pay them back?  Do I try to refinance after a year to get cash out and pay them off?  I'm trying to think about how this would work since 1 year doesn't give much time to build up equity, especially enough that I would be able to refinance and get enough cash out to pay off an investor.  Has anyone done this and can offer come advice?  Or does anyone have a different strategy for me to consider?  Thanks!

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