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Updated almost 6 years ago on .

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Colton Norrod
  • Knoxville, TN
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How to attracted a guarantor

Colton Norrod
  • Knoxville, TN
Posted

Hello Bigger Pockets,

This is my first post so here we go! My partner and I are in need of a guarantor. We are newer at this and looking for advice on how to find someone. Each of us are just out of school and have only been at our current jobs around one year. That’s where our problem comes in, we don’t have a strong history of income. Our combined annual income is 120k. The asking price is 375k. We have the 20% needed for the down payment. We are willing to give 8% in equity for being our guarantor, no cash invested. The deal is four single family houses and a triplex, all located on the same parcel. Located in East Tennessee. 6 of the 7 units are already filled and the other one has just been finished being rehabbed and is looking to be filled within a week. Our strategy is to buy and hold the property for 5 years. Anyways to attract guarantors to this deal? We have asked a few people, and most are interested but haven't went through with it just yet. 

Any feedback will help!

Thanks!