A Deal in hand but How to Fund?

[Matthew Mickler]

So I have a solid deal available fully renovated property, seller willing to take close to 20k less than what it appraised at which would mean instant equity. Here is the issue I am unable to get a traditional loan as of yet and would like to use OPM instead. I have looked at creative options but the seller wants to cash out. Other than a HML or PML what options do i have? This would be my first deal and I really want to make it work. numbers work for both STR and Mid-term. It is in a developing area so will go up in value with military training base close by. Hospital's as well as 2 big golfing events each year.

[Dwayne Ghant]

Quote from @Matthew Mickler:

So I have a solid deal available fully renovated property, seller willing to take close to 20k less than what it appraised at which would mean instant equity. Here is the issue I am unable to get a traditional loan as of yet and would like to use OPM instead. I have looked at creative options but the seller wants to cash out. Other than a HML or PML what options do i have? This would be my first deal and I really want to make it work. numbers work for both STR and Mid-term. It is in a developing area so will go up in value with military training base close by. Hospital's as well as 2 big golfing events each year.

If I were you, and I wasn't able to get the funding (private, commercial, or conventional) I would seriously consider wholesaling the deal.  If you wholesale it, you already know that you minimally make 20k!! If you play your cards right, by finding the right buyer, you could make approximately ~50k, or more. Take that ~50k and use it as downpayment on another property. Not bad for your first deal.