Updated almost 3 years ago on . Most recent reply
Trying to Close a Lake House Deal
Hey everyone. Here's the situation:
- I found a good investment property (lake front, small cottage) for short term rentals
- $350,000 offer was accepted
- My partner has the 25% down payment, most of which is gift money from a property his mother recently sold
- Neither of us can get a conventional financing loan right now (need to file 2022 taxes first)
- We found a non-bank lender that doesn't ask for tax returns, but they do look at bank statements and will see that the money is a gift, and because they only loan for investment properties, gifts are now allowed
- So, we're looking for a new lender... any ideas?
- As an aside, I am getting 10% equity (finder's fee) and a 10% property management fee. Does that sound fair?