Down Payment Needed For My First Good Deal
I realize there are laws about asking for money. So please know that I mean only full respect for the laws and I only mean well. I've never posted asking for money so I'm not sure how I should do it.
I have a house under contract for 105k. Rehab is 15k or less. ARV is 160k. This is in Dallas, good neighborhood.
I plan to find an end buyer which cannot get a loan and seller finance to them. But I need a loan too. So I plan to do a wraparound mortgage. I have a couple bankers that have agreed to work with me if I can do 25% down.
But I don't have 25% down. I need to borrow it. I'm willing to pay 8%. The loan will be for 2-3 years until the buyers can refi and pay me off, and then I will pay my lender off. I will write you a promissory note and I can even use my car as collateral--I'm willing to negotiate until you feel comfortable.
Please reach out to me if you think you can help. I can provide more details and comps, etc. Please don't contact me about hard money. I would rather do no deal than pay 4 points and 14%.
Tyvm!
Trevor