New Investor.. million dollar deal
So I'm new to investing. Posted a few questions to this forum before on things like explaining the brrr method and things like that. I've been searching for deals to get started in buy and hold... I came across a really good deal.. the catch.. it's almost a $1 million dollar investment.
Good news is the seller is willing to do some sort of financing themselves like me putting in 20% and then financing the rest through them. But either way, for a new investor who doesn't have a lot of money to invest, where do I even start with finding $1 million dollars to invest? Should I try for a business loan?
Maybe see if I can even get a $200k business loan?
Either way, here are some more of the details:
8units + 4 lots
Asking price: 950,000
Collective rent: $6,000 (but way under what it should be)
There are also 4 lots on the property that can either be developed or sold separately. If I build them, then obviously that more initial capital I need, but ultimately more units I can rent.
Thoughts?
Thanks,
Jason