Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
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 9 years ago,

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...