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Updated about 4 years ago on . Most recent reply

User Stats

6
Posts
1
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Ryan Russell
  • Colorado
1
Votes |
6
Posts

Creative ways to finance

Ryan Russell
  • Colorado
Posted

Hello you beautiful, driven people. 

My wife and I are getting ready to take the plunge on our first investment property. Yay! We'll be implementing the house hacking strategy, but we have a small issue. We live in the Denver, CO area, which is hot. I was approved for a loan for 350k and have around 18k for a downpayment, however, as I have been finding in the past year while I enhance my "deal analyzing" muscles, it's hard to find anything more than a 2 bedroom for under 400k - and I've really gotten in there - if by chance you do, it'll need thousands and thousands in repairs and we do not have the cash flow for that on top of the mortgage. 

Other than co-signing with someone with money, waiting another year (because let's be honest, then it just won't happen) what are some creative ways I could come at this purchase to finance it? OPM? Hard money? What do you all think? 

My real estate agent (who is awesome) has warned me against foreclosures, as I was looking into some, because of the condition you usually get them in and the fear that it will tank us before we even get started. 

Preciate your thoughts, comments, experience, and encouragements! 

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