I am looking for an advise
Hello everyone I am struggling finding funds. Any advises?
@Nicoló Tossici - Try reaching out to a mortgage broker in the area you're investing in. They specialize in finding lenders for you. You can also reach out to local banks.
#3 House Hacking Contributor
- Real Estate Agent
- Los Angeles, CA
Unfortunately the question is too vague.
What are the constraints to getting the money?
Is it your income?
Is it your existing debt?
Is it the down payment?
Is it your credit score?
What will the funds be used for?
Once you answer those questions, then the BP community can truly give you advice.
@Nicoló Tossici- what is it you need and what seems to be the problem/ issue ?
Quote from @Rick Albert:
Unfortunately the question is too vague.
What are the constraints to getting the money?
Is it your income?
Is it your existing debt?
Is it the down payment?
Is it your credit score?
What will the funds be used for?
Once you answer those questions, then the BP community can truly give you advice.
I bought with other two guys a condo back in march 2022. We were able to buy it as cash deal. Now we would like to go for the second deal. We are trying to understand what is the best solution for us. All of us is 22 years old, two of us are international, and none of us a very high income. It is very hard get a mortgage from the bank.
#3 House Hacking Contributor
- Real Estate Agent
- Los Angeles, CA
You can look into hard money loans and then refi into a conventional loan once you show rental income. I would talk to the lenders upfront to plan accordingly.
Possibly use the condos as collateral since you don't have the income.