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Updated over 8 years ago,
Starting Out, first deal, looking for financing advice
Hello,
I am working on putting together an offer for my first deal. The property is up the block from where I currently live in Long Island, New York. After running the number at various interest rates, worst case scenario's in terms of vacancy and expenses - the deal still comes out with cash flow in the region of $100-$600+ a month.
The issue I'm running into, though I've only called a few conventional big bank lenders, is that I will need to put at least 20% down on a possible $350,000 sale price. At the moment 20% is unattainable for me however 10% is do-able.
I'm looking for help in seeking finance options at the moment. The property is currently leased up with strong cash flow and leased until 6/1/2017.
What are my options? Who are my options?
Thanks