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Updated about 4 years ago,
need creative financing advice
Just found a six unit complex for sale in my neighborhood (which is hot for multifamily). I think it is overpriced a bit, and rents are under market. I have excellent credit, and I own 7 units already, all are occupied and systematized, so doing well, but I'm trying to stack - my last purchase was a triplex. I have run out of cash for the down payment etc. and have 4 mortgages so conventional financing will be tough if not impossible. I want to approach with a creative financing offer (I found out a Danish investor bought many multi's in this area about 3 years ago - sounds like they may be able to finance for the right terms). I've never done this before, all my mortgages are conventional so far. I don't want to get ripped off!!!! How can I structure an offer that is fair and creative? I need something that is no down, or at least low down payment, decent interest rate and maybe some sort of balloon (or refi option) in 5 years? Ideas?