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Updated over 8 years ago on . Most recent reply

User Stats

101
Posts
27
Votes
Megan Arzt
  • Investor
  • Moab, UT
27
Votes |
101
Posts

How to finance this deal...or an example of a financing proposal.

Megan Arzt
  • Investor
  • Moab, UT
Posted

I have a great deal on purchasing another nightly rental.  I currently own one and it does better than any of my 5 other long term rentals (all of which cash flow).  A friend wants to sell me his condo for $187,000.  The one I bought in the same complex in April I paid $206K.  One just sold for $219K, and for the next phase of building they are going to list in the $240s.  The appraisal when I bought mine was $211K.  Needless to say it is a great deal.  I'm having trouble getting financing though since I have bought the last 2 properties this year (they don't show up on taxes, and the nightly rental does not have a lease to support it.  I can document the cash flow since it has mainly been through airbnb for a private lender).  Also, last year I bought a place but it only shows on taxes for half the year.  I'd love to hear ideas on how to finance this or touch bases with someone who might be interested in lending.  Also, I do have a lead on one private lender through a  friend of mine.  If anyone has an example of how to set up the business/lending proposal that they would be willing to share with me, I'd really appreciate that.  Thanks in advance.

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