Mack Rahnenfuehrer here and I am hoping to be a new first time home buyer in the next month! I have found a duplex for 500,000 that shows it cash flows, but is slightly above my Preapproval (400,000).
I am looking to find advice as to how I could get an investor interested in loaning me the down payment when I know this property will cash flow, but I plan on house hacking in it until I refinance to buy my second property later this year.
Any advice on how I could get an investor interested in seeing the potential on this property and the benefits that could come to them as an investor when this property turns into a full time rental property by the end of the year??
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y
You can look into a DSCR loan, hard money loan into a refinance or an equity partnership with a local investor. These are a few strategies to look into.
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
4y
@Mack Rahnenfuehrer speak with your lender and determine if bringing on a cosigner will increase your pre-approval. Structure the deal so if in the event you do get a higher pre-approval (500k) and purchase the property, you are paying a monthly fee to your cosigner. Hope this helps!