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Updated about 4 years ago,
Funding a small deal
I have a Bodega(small corner store) under contract for $140k. Rent is $1600 with a double net lease. I pay mortgage and taxes. I need to get the funds for it.
The bank is asking 25% which puts me roughly at $40k. I only have $15k on hand.
I have a salary job where i make about $65k a year. I have been a real estate agent for 4 years and last year sold about $40k. I have two multi families producing(gross) $4100.
My question is how can i fund this deal? How can i raise money to pay for the 25%? Can i reach out to grandma who has the money under the sofa but can't provide banking statements? Should i reach out to HardMoney? How would this work through a hard money lender?
Opinions and suggestions appriciated. This is the first bodega i am investing in.
Thank you!