Hello! We found the perfect Airbnb property in Benson - ARV: 110,000, Repairs needed: new furnace and some minor siding for $9,000 total (contractor came and did a bid).
We had it under contract for $99,000, but after the inspection came back we renegotiated it for $90,300, closing on the 30th.
Our original funders said they would give us 100% of the purchase price, but they got freaked out by the need for a new furnace and said they will now only give us $75,000. Their original terms were a 6 month bridge loan at 18% interest.
We have been doing Airbnb for almost 2 years, and based on the returns we have been receiving from our other properties we know that we can gross at least $3,000/month on this property.
I've searched for hard money lenders but most are leery of Airbnb, and we only have $5,000 that we can use for the purchase of the property.
Does anyone have any ideas, either of other hard money lenders in the area or if someone wants to partner with us to help with the downpayment?
Thanks for reading
Who would be the first lien holder?
Hi @Jenessa NeSmith , Sorry to hear about your funding. Not sure if this will help but I wanted to share with you:
Quicken Loans has partnered with Airbnb and you may be able to use this program. Best of luck
Call me with details....I may be interested in partnering
The local banks are looking for real estate loans. You might try Dundee bank. You would certainly get a far better rate than the hard money person is giving.