Updated over 11 years ago on . Most recent reply
Closing With No Money...
I put a bid in for a property and my agent just told me it was accepted. My original plan was to "Hack" it: live in one unit and rent out the other. However, I am not sure if I will have enough money to complete the transaction. I don't have good credit so I am going through a HML, however, my lender found some things on my credit that I need to pay off before I can complete the approval. This is now going to cut into my down payment and closing costs. I'm thinking about paying off my debt and finding a partner to help with the closing and down payment. However, what would I offer to the partner to make them want to joint venture with me?? Should I get someone with better credit to get approved for the loan and I pay the down payment and closing costs?? What kind of incentive would make them want to put their credit on the line?? Maybe I can get an investor to pay the 30k cash to purchase the property, put the property in my name, and I get a loan on the property in order to pay the investor back?????
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#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
The investor would be taking on a pretty big risk doing what you suggested.
You would really need to make a very attractive offer to them as well as
A. Know them & already have their trust
or
B. Provide them with a track record of success that shows you can come through and earn them a return on their investment.