Please Help, this is my first deal!

[Davis Hardin]

Hello everyone,

I am about to buy my first vacation rental in Fernandina, FL! Can someone please help, things are starting to get real scary when figuring this out and I'd love some advice on how to make things better. The deal is a duplex right on the beach, zoned r-3, and in 2021 brought in $200,000 in revenue (was taken off the rental market when seller placed on mls). The offer we have right now is 1 million upfront (hard money lender or conventional loan, please help with finding which one is better) and seller financing the rest. Looking at it, we have no money to put down and nothing to place as collateral (seeing as it is our first deal). I want to make this work and buy and rent it but honestly would be find selling it to someone else or really bringing in investors. Please help.

[Dominick Johnson]

Sorry to be blunt, but your deal isn't going to happen due to financing. You wrote an offer without having financing in place first? A conventional loan is going to require a downpayment of 20% minimum, and if you have no money to put down you will have zero chance of getting a million dollar loan. Most hard money lenders require some money up front as well. Best of luck!