Updated over 7 years ago on . Most recent reply
Financing for rental property
Hello guys. I’m a newer real estate investor located outside of Buffalo, NY. I own a 3-unit rental and a single family home. My mortgage broker who has given me both of my loans is also a rental property invested himself. He’s ready to retire and is looking to sell me 10 of his properties owner financed (great deal). The only problem is i need to get a loan to pay for the first property which he owns free and clear so he can pay off the remaining mortgages and sign them over to me. I have great credit and a great job so getting a loan is no issue. I just don’t have the money for a down payment right now with a flip I’m working on. So I’m looking for someone to loan me the full asking price of $86,000 without me putting a down payment down. I would like it to be a 15-year loan and I will pay a high interest rate. If you guys know anyone who does this sort of thing or anyone who wants to get a hell of a return on their money, please let me know. I’m also open to other ways to finance that I may not have thought about yet. Thanks!