Who knows how to finance this deal?

[Nick Burns]

PP: $300,000

FMV: $350,000

Property details: Year round 3-unit with 3 seasonal cabins in Old Orchard Beach, Maine. Old Orchard Beach is a heavy tourism town with several colleges near by. The property is one block from a 7-mile beach (2-minute walk). Additionally, the property abuts a nature preserve and has no immediate neighbors.

Renting scenario #1: $1,000/month per year round unit. $800-$1200/week per cabin for 10 weeks during the summer (4th week of June through Labor Day weekend). Gross rent: $66,000 (without vacancy factored in.)

Renting scenario #2: 3 apartments could be rented seasonally ($1,000/week) during the summer and 9-month leases during the rest of the year to college students ($900/month) in addition to the 3 seasonal cabins. Gross rent: $84,300 (without vacancy factored in.)

With commercial lending at 25% down payment, $75,000 would be required; unfortunately I don't have $75k in cash.  Does anyone have a suggestion on how to make this deal happen? Any advice would be greatly appreciated.

[Jay Hinrichs]

@Nick Burns  this seems to be a common theme on BP these days.. those finding deals with no way to finance them.

My suggestion for whatever its worth.. if you have no capital spend your energy finding capital then go shopping.. you spin a lot of wheels and get excited only to not be able to pull the trigger.

I know some say if the deal is good the money will find you.. but for me.. I have done it in reverse all these years I got the money lined up first then executed. 

and if this is your first deal.. then friends and family is who you want to be talking to..

good luck with it.  the deal does sound pretty interesting for some folks