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Updated about 6 years ago,
FIRST TIME INVESTOR- Ways to get $$ for the down-payment?
Hi All! I'm new to REI. I've been listening to podcasts & watching YouTube financial gurus but have zero real experience. So VERY new, although I have actively searched Realtor.com, zillow, etc for units/home because I have been planning on investing in my area and like to stay in pocket.
THE PROPERTY:
The property WAS a SFH, but has since been turned into a 4-unit. I would like to buy and hold. 1br rents in the area are $600-800, comps (for similar SFH) are around $160k, with alot of homes into the $200-$300K range (it's walking distance from the downtown area).
I have great credit and can qualify for financing, but I won't have enough money for the down payment. So my question is, How could I go about getting money for the down payment? Or is that a long shot? Grab an investor?