Updated over 2 years ago on . Most recent reply
Finding creative funding for first deal
Seeking advice on the best route to secure $30,000 for a fantastic investment opportunity!
I have my eyes set on an undervalued rental property with amazing potential. It boasts 5 bedrooms, 2 baths, and spans across 1900 sq ft. The current market value is $104k, but my father, who owns the property, is willing to sell it to me for just $25k.
Here's the catch: I'm struggling to find a conventional loan for less than $50k. My credit score is around 640, I'm looking for suggestions from experienced investors like you on alternative approaches to secure the $30,000.
Your insights and recommendations would be greatly appreciated! If any private lenders would be interested, PM me! Let's seize this opportunity together!
Most Popular Reply
@Demetrius Hopkins Try an unsecured personal loan for the $25 - $30k. I've used both SoFi and Discover in the past, both offered no points, fees or pre-payment penalties. Funds in my checking account in 2-3 business days. Only downside is they're shorter term loans, I think 4 years was the longest term, 12-13% interest.
You can also try local credit unions or banks that will hold the loan in house (portfolio lender), as they can have more flexibility.
Good luck!