All Forum Posts by: Pawley Golfer

Unless the deal is so good that you can weather any storm that may arise from this moisture, I'd probably walk away. You could be just seeing the tip of the iceberg. At a minimum, see if the owner can get a mold test done?

What would be a fair offer on an interest only loan for potential investors? I'm looking to buy a second property but don't think I would qualify for a mortgage being that I have one rental property that does not cash flow at the moment. I have some cash saved up and I'm thinking to buy a cheap fixer upper and would look to see if I can grab a few investors to make it worth their time. If I were to get four investors to put in say $25,000 each, what would be a fair offer to them if I were looking to pay interest only for say 2 years? Just trying to get ideas on how creative financing works

I bought my first rental property last May. Im renting it out through a management company, im not making money on it but it comes somewhat close to paying for itself. Ive made some extra payments on it and the original mortgage of 229k is down to 216. Long story short, I would like to buy another property to start building some equity. I am self-employed making good money, however, I have that mortgage, my own place which I rent, 2 cars under my name, and I financed furniture for the rental place and for my new apartment. I simply dont think I would qualify for another mortgage given my new debt to income ratio. What would a savvy investor do to get funding for a 2nd rental property? I would love suggestions on where to look. 

thanks