Updated over 6 years ago on . Most recent reply
Looking for best ways to raise money to buy an apartment complex
I am trying to purchase my first property. It is a 26 unit apartment building that I currently work at and the owner is trying to sell it to me. I have looked at a couple different ways to fiance it and nothing is really working out because I don't have great credit. Because of this I can't get a loan for the whole amount. That being the case the owner has agreed to owner fiance but wants a down payment.
That being said, What are some of the best ways to get funding (with a credit score of 550) so I can pay him the down payment and then start to fiance through him?
*** Side note.. I talked to a good friend of mine to be a partner. After we crunched the numbers, we decided that it wouldn't be a good investment for both of us together because the business needs some fix ups and wouldn't profit a ton in the first few years. He wants something a little bigger. So funding coming from another partner may not be a option in this case.
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With your credit score you have the option of wholesaling it. You could also look for an angel investor but, in all honesty with a 550 you will not get it.
You should work on fixing your credit.