Hard Money Lender for a property that I Rent
I have lived in the property that my landlord wants to sell right now. I have done my research on the property and there is cash flow coming out the property.
The property is generating $2,050.00 per month. The monthly cost for insurance, school taxes, county and borough, water, mortgage. payment I would be looking at about 1500.00 per month.
I have other cash flow coming in from my own business to support the property.
My landlord wants to unload the property for 155K. My bank wants 37.5K down or 25% down. I do not have the down payment.
Is there anyway that I can creatively make this deal happen?
Most Popular Reply
@Gary Grant why do you think you need a hard money lender for this scenario? If you have decent credit and will continue living there for another 12 months it sounds like you can get an FHA loan on the property. If it needs work you can get a 203k loan- both are 3.5% down for up to 4 unit properties.