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Updated over 8 years ago on .
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Desperately Need Alt Lending Options 4 Rental purchase
Hello,
I am just getting into investing on my own here and found a property that I believe would be great. Just as I was about to put in my offer, BLUEGREEN the timeshare from hell that I have been fighting, plopped on to my credit. I now cannot get a loan because it looks like a charge off I am disputing. My credit was 730 and I have prime rate on my vehicles and make decent money. I am fighting it, tried working with them and am now going legal. (Deceptive sales practices, I can't even use the thing etc)
Problem is I DON'T want to lose this property. It is a rare opportunity in that it is listed as 2 residences but secretly has 3. Main house and a guest house that is split into two (one doesn't have a kitchen yet, but a perfect spot) I would likely live in the one without a kitchen while I fix it up and rent out the other two. Until I get ready for the next, I could live for free and cover all expenses plus some. Then rent out the 3rd once zoned and make very good positive cash flow on it.
I am desperate for lending options for this. It is a rare opportunity in a booming area right now. Any ideas?? Anyone know of Private lending? Anything????