Updated almost 9 years ago on . Most recent reply
Need ideas on how to secure funds for a SFD
I have an opportunity to buy a great property in my neighborhood. $210,000 My wife and I would like to live there in 2-3 years when it is time to downsize. In the mean time I will rent it out or use it as an AirBnB property.
Due to being self employed I haven't been able to secure financing. I own a couple of rental properties with substantial equity as well as my primary residence. Also have a good IRA and a fair amount of cash.
My daughter agree to sign for a $150,000 loan with the owner taking back $50,000. The bank now says that they cannot do a conventional loan with owner financing.
Any advice on how else to get this financed?