Newbie Investor Seeking Help
Aloha,
I am trying to overcome a barrier in my pursuit to accomplish my first investment property journey. I been looking for a STVR in Kona side but prices are ranging between 425k-550k for 1 bed 1bath condos. My barrier is that I am looking to do convention financing as a second home which would allow me to do 20% down but I would only qualify for 370K. In order to raise my mortgage finance amount I need to come up with at least 25%-30% down payment. I am trying finance 425k comfortably but will be short 37K (if 25% down). I have 70K to put down but it's not enough. Seeking help if there are anyone willing to gap fund 37K. Please DM me your terms. I would love to know my options in this situation. Mahalo!
Darrell
Two things:
1. Run a BP search on "gap funding." You'll find some lenders here that provide gap funding.
2. Speak with local investors. Have you also sought any investors at your local real estate investment association? I've been to groups in my local area where investors shared their potential properties with some investors. Share your story and ask for assistance, whether it's from a company or an individual.
I hope this helps.
Keep going. You're taking action! You'll get that first property.
It's not "if," but "how."
I wish you all the best.
- Mend Housing
- 210-418-1184
- [email protected]
Mr. Hamp Lee,
Thank you for the encouraging advice. I need to start networking more....
Aloha Darrell - just curious, where are you looking? Waikaloa? Does the STVR pencil out with debt service/HOA, etc.? You could consider partnering or looking for seller financing. If you already have a specific property in mind, feel free to DM me. I'm not personally interested in lending but would definitely entertain an equity position. I'm on Oahu.