How To Fund Downpayment for Next Rental Property

[Branden Barber]

Hey guys! We just closed on our first rental property last week. We will be cash flowing about $450 per month. However, my parents lent us the downpayment + closing costs, so most of our cashflow will be going directly to them for a little while.

I just recently came across a quadplex in my area that is fully leased, grossing $3,675 per month, while the landlord pays gas/water, and electric/internet are tenant paid. They are asking $350,000. I am thinking about offering $320,000 based on my current evaluation of the property. My only issue is coming up with the 20%-25% down. I do not want to borrow any more from my parents, but also do no have the funds personally to bring to closing.

What routes could I be looking into?

Thanks!

[Joe Funari]

@Branden Barber Welcome to why REI has a high barrier to entry. But don't get discouraged. I recommend you reach out to my recommended lender, Andrew Postell @Andrew Postell. He is a fellow investor and lender specializing in investment properties here in Texas. At lease have a conversation with him. He can discuss creative ways for you to save the monies for your next rental. I and many of my clients have been using him over the years. Hope this helps.