Real Estate Agent · Indianapolis, IN · Member since 2021 · 65 posts · 24 votes
I have found a great 8 unit rental property that needs few improvements and move in ready. I currently am in college so i do not have a lot of money but i have ran the numbers and it is truly a homerun deal. The only problem is that it is listed for 1.5 million dollars. Is this a too far fetched property for me to buy?
I have been trying to think of ways to fund this deal from private investors and then get a mortgage, but would a bank or credit union even consider to give me a mortgage that high? I want to know what people think on here or what I should do.
I have found a great 8 unit rental property that needs few improvements and move in ready. I currently am in college so i do not have a lot of money but i have ran the numbers and it is truly a homerun deal. The only problem is that it is listed for 1.5 million dollars. Is this a too far fetched property for me to buy?
I have been trying to think of ways to fund this deal from private investors and then get a mortgage, but would a bank or credit union even consider to give me a mortgage that high? I want to know what people think on here or what I should do.
You need a money partner on this one. Banks like to get paid back and if you can't show how you're going to "reliably" pay them back, they won't do the loan, just as you wouldn't lend to a friend if he was not able to pay you back. That would be called a "gift" and banks are certainly not in the "gift" business.
Okay, I'll bite, what makes this a "great deal" that someone would want to join up with you?