All Forum Posts by: Filipe Pereira

Hey Y'all. 

I've been working hard to find the right investment property, and I think I have found the one at this point. It's not on the MLS - older gentleman is selling off his units. The cash flow is great. He is asking for $205,000 as the sale price. I need to hit 25% for the downpayment to be able to qualify for a conventional loan. This is right around 51K. I'm about 5-10K away from having this, depending on what the closing costs are. My question is - how do I get the remaining 5-10K? I have enough to cover that in a retirement account, but I would prefer to keep that as a safe haven / "reserves" account of sorts.

I'm afraid of not having the money in time to "seal the deal", as they say. I have thought of a few options, but they are drying up:

1) Close friend. He's all tied up in equity and mortgages though. So no go. 
2) Family: Eh, didn't work out, when I asked. They are anti-real estate. 
3) I own my car out right. It's valued about 2x the loan I'd want. So perhaps pull a bit of credit on that? 
4) Cash advance on a credit card. Holy expensive, no? 
5) Hard money lender. Would anyone even take on such a small loan? 

Thanks in advance for your advice and thoughts. :) 

Welcome man, and thank you for your service!

nice!!

Just checking back in...I graduated ~3 weeks ago, and yesterday, with the help of @Rick Santasiere I put in my first offer ever on a property. Now we wait...a lot... :) 

Thanks, I should have clarified that I am interested in the idea of a short sale, but not by myself. I have a pretty awesome agent that I found here on BP. I just placed my first offer on a short sale a few minutes ago. @Jennifer Kinzle

Following! Will try to make it. I'll drag @Rick Santasiere with me. ;)

Interested as well. I am looking at a short sale out my way. 

hahaha^

The project I am working on right now has us doing Fire Code diagram as the building does not currently meet the code reqs for egress. It's an old commercial building that we are breathing new life into. Check us out. Crosskey Architects 

That's how I perceived it to be. I'm currently working on a old commercial building in Meriden, CT and that's what triggered the thought. I wouldn't mind being the "fresh out of college guy that brings in a project to the office". Ya know? 

Wow...I was like, "well, this guy is a jerk" then I kept reading, haha.