Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago on . Most recent reply
I found a good deal but do not have enough for downpayment!
I found a good 3plex deal in a A-/B+ area of Cincinnati, OH. I don't want to wholesale or flip the 3plex deal that I found on the MLS. I don't have enough cash for downpayment. It's not a rehab gut project but the rooms need minor repairs. My final goal is to turn the property into 3 different airbnbs starting in 2021. What are my options?
1. Hard money loan at high interest rate so that I can offer al 100% cash offer to seller?
2. Private money? I've never done this before.
3. Other ideas?
Most Popular Reply
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
- 4,399
- Votes |
- 4,756
- Posts
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
Originally posted by @Susan Tan:
I found a good 3plex deal in a A-/B+ area of Cincinnati, OH. I don't want to wholesale or flip the 3plex deal that I found on the MLS. I don't have enough cash for downpayment. It's not a rehab gut project but the rooms need minor repairs. My final goal is to turn the property into 3 different airbnbs starting in 2021. What are my options?
1. Hard money loan at high interest rate so that I can offer al 100% cash offer to seller?
2. Private money? I've never done this before.
3. Other ideas?
You do not want to use hard money for a long-term property. Hard money is for short term flips only. Your best bet is to find a private lender or ask for owner financing for the entire project or just the down payment.