Washington, DC · Member since 2017 · 31 posts · 6 votes
I don't have the money to get a commercial loan at 20% down, the asking price is $750k, I do qualify for the VA loan, but seeing as this is larger than 4 units, I can't use that here. I'd be living in the property and managing it as well. Any ideas about how to go about financing something like this with as little money down as possible? Or how to finance both the mortgage and the down payment? Already looked into owner financing, they aren't interested. Thank you.
Specialist · Tampa, FL · Member since 2012 · 933 posts · 492 votes
7y
@Connor Deneen if the deal has merit, you may be able to joint venture with someone that has more experience than you in this arena. I would find out where all of the local investment clubs in your area. Go to everyone, until you feel you made enough solid connections. If the deal is good enough, the money will usually find you
Investor · Front Royal, VA · Member since 2013 · 586 posts · 418 votes
7y
@Connor Deneen your best bet would be to find a partner and work a joint venture together. Attending a REIA or posting here on the marketplace might get you started. It's going to be difficult to find someone willing to allow you to live in their investment (assuming you wont be paying rent and that unit won't make money). It seems like an achievable goal if the deal is good enough. I wouldn't give up.
Real Estate Agent · MA · Member since 2018 · 167 posts · 57 votes
7y
@Connor Deneen if the seller has 100% equity you could approach with a seller financing option, assuming they don't need the proceeds from the sale. Also could attempt a lease to own option perhaps? Although that could get complicated since it as multiple units involved.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Connor Deneen I agree with @Lucas Miller, a partner is the most reasonable way to do this.
But then the question becomes, what do you bring to the partnership? Is this an off market deal that you spent time cultivating, or is this a straight purchase that anyone can buy?
Could a better option be that you get a finders fee from someone that can close the deal?
Specialist · Tampa, FL · Member since 2012 · 933 posts · 492 votes
7y
@Connor Deneen if the deal has merit, you may be able to joint venture with someone that has more experience than you in this arena. I would find out where all of the local investment clubs in your area. Go to everyone, until you feel you made enough solid connections. If the deal is good enough, the money will usually find you