I'm excited about an opportunity to invest in my first real estate rental property but I've run into an obstacle.
The property is one half of a double block house that my old boss owns with his 2 sisters and 1 sister currently lives there. She's moving away and wants to sell the house and want to give me a good deal on the property. My original plan was to request seller finance but they made it clear that was not an option since the sister who was moving would need the capital to purchase a new home.
What other options do I have for raising the capital to purchase this property? It's in a good area in my hometown and I believe it could bring in good cash flow. Any ideas are greatly appreciated. Thank you in advance.
If you have equity in your personal home, you can take out a HELOC and use that as the down payment. I've done that several times. Just remember to include the HELOC payments into your cash flow equation.