Bigger Pockets family,
I have a 20 unit deal on the table. A+ location, decent cash flow, a lot of capital improvements, simply just a great asset to acquire. The asking price on the property is 1.6 mil. My bank is making put down 15%. I can get the 160k to put down to make it 10%. My problem and my question is, does anyone have any advice on some creative ways to where I can pull the other 5% from?
I currently have 38 other multifamily units, but do have a few of them leveraged. FYI.
Any ideas would be great! Thanks.
The easiest would either be a private money partner or to use some equity from your current portfolio.
Thanks for the advice. I also considered a cash out refi.
@Stephen Jones You don't necessarily have to cash out refi there are lenders out there who will give you a LOC against your current equity. Typically a easier, faster, cheaper and smoother process than a cash out refi.
I didn't think of the LOC. Great advice there. Thank you.