Raising cash needed to close a deal

[Cody Godfrey]

This is a follow up to my previous post regarding a duplex I’m trying to purchase and owner occupy!

Long story short, I found a portfolio lender willing to do a 5% down loan on the duplex I’m looking to purchase. Cash to close is roughly 21,000 and I need to have reserves on hand at closing. I currently have about 18,000 and should have the 21,000 by the time we close in August. I don’t mind taking the huge risk and utilizing all of my free cash because this is a home run deal and I don’t want to lose it. I’m looking to raise 10,000 in the form of a “gift” so the lender will see my cash reserves and be able to close the loan for me.

I asked my grandparents who are the only family that would have the ability and be willing to lend me that much. Turns out they’re not willing to lend all 10,000.... they may be able to give me some but I’m still going to need to raise 5-8k I’d assume. Something I’m totally new to.

I’d greatly appreciate any input/advice!!

Thanks