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Updated over 5 years ago on . Most recent reply

User Stats

31
Posts
8
Votes
Dane Delatte
8
Votes |
31
Posts

need to raise $50,000 to purchase a 26 unit apartment complex

Dane Delatte
Posted

I am caught in a predicament and am looking for ways to solve it. I have a deal that I have been working on since May and I am getting a little closer to making it happen. We have had to get creative with the deal because I did not have the money to put down a down payment on the place. Without going too deep in to the details of the deal, I need to get about $50,000 of my own money to help make the deal happen. Like I said, I don't have it to put up so my question is "what would be the best way to try to raise the $50,000?" I was thinking the best way was if I could get a personal loan from someone and pay them back plus the interest. 

Any ideas or solutions that anyone could think of would be appreciated.  

Most Popular Reply

User Stats

129
Posts
93
Votes
Tyler Bobo
  • Realtor
  • Wasilla Alaska
93
Votes |
129
Posts
Tyler Bobo
  • Realtor
  • Wasilla Alaska
Replied

If the deal is good even with borrowing the funds, then go for it.

Refinance your house.
Home equity line on your house.
Sell something expensive (even your house if the deal is good enough)
Put it on the Credit Card (works wonders, IF you're sure of your numbers:)
Call everyone in your phone contacts and tell them you have a $50,000 opportunity you'd like to tell them about.
Ask everyone in your contacts who they would be talking to if they had a $50,000 opportunity.
Put a post on facebook or your social sphere of choice that you have a $50,000 opportunity for the right person.
Call several local Realtors, specifically ones that do investments and commercial and ask hem if they're interested in a $50,000 opportunity and ask them who might be.
Borrow against other investments like stock or borrow from your 401k
Borrow from another investors 401k, your Mom's, your neighbors.  Their house equity is a great too. 
Ask for an advance from your boss, or borrow from their 401k, house, boat, etc.
Talk to your kids teacher about it.
Ask a hard money lender.
Ask the seller to carry that much (or that much more.)
Call Grandma. That uncle who has money, or that Aunt that always knew you could do it.
Personal loan from the bank, or the junk credit card offers.
Put your vehicle up for collateral.

Try all those things... after you're sure it's a good deal.

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