Looking for advice on financing options

[Lisa R.]

The options I'm considering are bank financing, HELOC, private money lender, and/or seller financing if that were available in the deal. At the same time, given our inexperience, the idea of partnering with someone with more experience and potentially financing ability is also appealing.

Here are some details of our situation:

• My husband and I are looking to purchase an investment property within the next 6 months.
• We are looking for a two bedroom, two bathroom single family or condo, <$350,00 as a buy and hold in a high value market that will likely have poor cash flow but high appreciation.

• We are both in white collar occupations with full-time W-2 jobs.
• We have $26,000 cash saved for a down payment, and $30,000 in an investment account for reserves.
• Our primary residence has almost $460,000 in equity
• We both have credit scores over 800
• Average home value in this area is >$500,000; average rent is around $1500-1700

Thanks in advance for any insight!