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Updated about 5 years ago,

User Stats

10
Posts
5
Votes
Matt Riley
  • Rental Property Investor
  • Austin, TX
5
Votes |
10
Posts

short term down payment loan until my other property sells

Matt Riley
  • Rental Property Investor
  • Austin, TX
Posted

Question for you guys - I've found an investment property that I REALLY want, believe is a great deal, and will be very profitable long term.  Purchase price $480k.  So need $96K for 20% down payment.  I own another property (no mortgage) that I've listed for sale at $139k, so obviously that would cover the down payment, problem is it's not going to sell before I need to make an offer on this new property (which is now).  What is the best way to go about getting a short term $96k loan for the down payment on my new property, which I will be able to pay back as soon as my old property sells?  Thanks so much everybody! 

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