Skip to content
×
PRO Members Get
Full Access
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime.
Level up your investing with Pro
Explore exclusive tools and resources to start, grow, or optimize your portfolio.
~$5,000+ potential annual savings on vetted partner products
10+ deal analysis calculators with ready-to-share reports
Lawyer-reviewed leases for every state ($99/package value)
Pro badge for priority visibility in the Forums

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Followed Discussions Followed Categories Followed People Followed Locations
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago on . Most recent reply

User Stats

11
Posts
15
Votes
Roscoe Parsley
  • Investor
  • Gainesville, FL
15
Votes |
11
Posts

Competitive financing without being personally backed

Roscoe Parsley
  • Investor
  • Gainesville, FL
Posted

Good evening,

I'm 23 year old, a recent college graduate, with a wealthy network of people around me and about 100k in cash to invest.  I am particularly interested in acquiring self storage facilities in the state of Florida.  I will be able to raise any down payment, and I have a great understanding of how to analyze a self storage deal, as my family owns a few of them.

My question is, what is the best way to get competitive financing, without a balloon payment?  I talked to a local credit union and they said that they only offer recourse loans.  I have never had a "real job" with a w2.  I earn my money with a small side business and by flipping houses, which is not a steady enough income for a traditional lender to finance.  

Any suggestions on where to look for non-recourse loans? I obviously plan on the cash flow to cover the note payment and all of my other expenses, plus offer at least an 8% ROI.

Any suggestions would be greatly appreciated.  Anyone with experience in this area who can offer some words of wisdom would be an asset.

Thanks

Loading replies...