Updated over 9 years ago on . Most recent reply
Funding a property question!
Hello guys, Im planning to buy 3plex/4plex and it's selling for around 300k. However I only have 10k available cash.
If I were to put a down payment of 20%, i don't have enough. What's another way of funding this? I'm thinking using a private investor (not HML). I know some people who have the money and its just sitting at a 1.75% interest rate at the bank. What would be a good deal for them if they would lend me 50-60k for the downpayment?
What would be a good interest rate and the exit strategy to pay of the loan? Refinancing in a year?
I can afford to put 5% duplex properties but I would need to live there (here in Canada, its similar to FHA but with a 5% down) the problem is I do not want to move yet because it's far from my school and my work.
Any ideas, tips, and suggestions would be greatly appreciated!