Updated over 4 years ago on . Most recent reply
Down payment needed for a tri-plex
Hello, anyone have any advice how to get the down payment for a triplex? My equity is falling short and need about 150k for a tri in New Orleans. It's also in a commercially zoned area, but can also use as residential which the previous owners have done. It was a convenience store, turned loft living apt with two other apt in the building. I'd like to use the commercial space once again and will have the two apt rented out to supplement mortgage, but can't quite get the down payment of 150k together.
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- Rental Property Investor
- New Orleans, LA
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If you don't have the deposit then you need to bring someone into the deal. To bring someone into the deal you need to make sure it is an investable deal and you need to make it clear what's in it for the investor/lender and why they should feel safe investing/lending.
Basically instead of asking how to get the deposit you should be telling people why they should put down the deposit.
- Stephen Keighery
