***INVESTORS IN THE HONOLULU, WAIKIKI, OHAU MARKETS***
I am interested in purchasing an investment property in the Waikiki area. I would like to inquire about available financing options.
Under a possible scenario, my mother will co-invest. Along with this option, I am considering registering a real estate-based LLC entity. My mother will be the source of steady employment and outstanding credit score and her information can be verified upon request. I, on the other hand, am rebounding from a pandemic-based work furlough and am currently self-employed. These factors disqualify me from any traditional loan programs.
What are some available options for this scenario?
@Aaron Cooper If you purchase an investment property together with your mom, you can have her co-sign the loan with you. For conventional financing (best rates) you would need to buy it in your personal names and not in an LLC.
If you did commercial financing you could buy it alone based in the cashflow of the investment. This would be a higher interest rate. Also, knowing Waikiki, you would need a large down payment in order for it to cashflow and meet the lender DSCR requirements.
Either way good luck!!
Thanks, Daniel, I am going to inbox you a few questions.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you