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Updated about 7 years ago,

User Stats

70
Posts
24
Votes
Shane Short
  • Real Estate Agent
  • Portland, OR
24
Votes |
70
Posts

How do I find a partner? Or gain the money for a MFR?

Shane Short
  • Real Estate Agent
  • Portland, OR
Posted

How would I go about finding a partner? Or quickly raising the money for a MFR.

My name is Shane, I've lived here in Portland for 2 years, and after months of researching, and saving, and waiting patiently, I'd like to purchase a MFR this winter and also house hack it. I currently have 6,000 in my savings, my savings rate is approx. 2,000 per month, I'd like to buy, by March 6th, 2018. I'm currently renting, and would like to purchase before having to move into another lease term.

I've been keeping my eyes on a few MFR's, they seem to range from 375, to 650. I've been Pre-Approved for a Conventional 5% down on a MFR.

Given I find a place I decide on for approx. 550,000, I'm going to need 28k for a down payment. And closing costs, etc. 

If i'm able to save around 13,000 by that time, at the rate things are going. Is there any way I can come up with the remaining amount? via investors, hard money loan, etc.? Or am I just going to have to suck it up and keep saving, or find another first timer investment opportunity? Maybe flipping a SFR? or house hacking a Duplex?

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