I have a good job and a six figure w-2 income, as well as an 800 credit score. I have 20k in liquid cash funds and probably about double if I sold my investments. I have no debt other than the mortgage on my one condo, but the income it produces far surpass the monthly expenses.

There is a property on the market here on the island of Maui, list price is about $1 Million, my target purchase price is 900k, but I think I can get it for less than that because the comps are in the 800s. The reason for the high list price is that the rental income this house produces justifies the higher price; this property has been turned into a triplex - upstairs 3/2, downstairs 3/2, and an attached 3/1 cottage (all beautifully renovated in the last year). Total operating income is $8,600 per month so even if I borrowed the full 900k it would still produce an outstanding cash flow (for the Maui market - which also has a huge added incentive of having a very high chance of appreciating). While I'm certainly hoping to buy for the cash flow, not for the appreciation, this home is a couple blocks from the beach, as well as one of the hottest towns in Maui - a town that has no room for further development, but has people moving here every single day. So while I'm buying for cash flow, I'd say the likelihood for appreciation over the course of ownership is pretty darn good!

Anyway properties like this are very rare on Maui... because it's such a hot market, it is very hard to find cash flowing properties. The main reason this one is so great is also one of the obstacles - it's non-conforming. So I cannot get a mortgage based on the cash flow, because the lot is not legally big enough to count as more than 1 unit to the bank. My lender thinks he can get me approved for a mortgage to buy it as a SFH, but even if I could - I don't have $180K for the down payment.

The only idea I have is to make a list of every rich person I know and take each one to lunch to pitch and hope that one would be willing to lend me 900k at going interest rates, collateralized by the property. I can say that if anyone is good for the money, it's me! I've never missed a payment or been late in my entire life! And my goal would actually be to pay off the loan in less than 10 years (or just refinance it with the bank in a couple years). If I can make this happen it will be a major step toward realizing my dream of retiring from my day job by 2027 to work for myself full time, investing in real estate.

Maybe I'm crazy... maybe I'm dreaming too big... but does anyone have any ideas of how I can get 90-100% funding for a deal like this?

Need 90-100% LTV for incredible cash flowing Maui triplex

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