Updated about 6 years ago on . Most recent reply
Taking out loan for downpayment
I need $86,000 to close on an 8 unit. Should I take out a loan for half of that and pay the other half with cash? I would just pay off the smaller loan with the cash flow. I also graduate in 3 months with my bachelors and I already have a great job lined up for worst case scenario.
I know this isn’t ideal but it’s really do this or stay doing nothing. I don’t have anyone that will be willing to loan me money, I don’t have any interested partners, and I have been unsuccessful at raising any money.
The seller was willing to carry the property, but can’t because of due on sale. And I’m not sure of any lenders that will allow the seller to pay for some of the downpayment. The ones I called already said no.