The opposite of hard money lending!?
So, as I understand it, hard money is a good option for equity based deals where the borrower's credit & DTI may not be there.
I am looking for a financing option that is basically for the opposite situation. There's a multi-family I'm interested in, where I would be living in one of the units (evicting current tenant for owner-occupancy). The bulk of the other units are rented at below market rates. I would plan on paying over market rate for the OO unit initially, with the idea that reduces as tenants cycle through. Even initially, the property would be cash flow positive accounting for what I would budget for the unit I'd occupy (and can document my ability to pay that higher rent, etc). However, the purchase price of the whole complex is high enough that I would have minimal equity after covering costs, tenant relocation fee, etc.
Any options to make this deal work for someone with good credit (700+) and high W2 income, but nowhere near enough cash for 20% down??? I also own a duplex that's currently 1/2 owner occupied, and after I move out that will easily be cash flow positive, but only have about 20% equity in that so don't think it can help me here.