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Updated almost 4 years ago,

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11
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2
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1st Property Under Contract, How should I finance

Posted

Hello Bigger Pockets community. 

I am under contract for my first property, however I have yet to finalize a loan. The recent changes that have been implied on banks have made me a bit hesitant and I am not sure what would my best option be.


Here are the details of the project.


Purchase price 107,500

ARV: 180,000

Est. Rehab 30,000

Available capital for project: $30,000

I've got good credit score, but am self employed and am unable to get a direct loan from a bank under my name. I am thinking to co-finance with a family member who's got a stable job and good W2, so I know they are good to get a loan under their name, but I'm thinking maybe there is a better way for my to finance this other than thru traditional Fannie Mae route.

Please help, all the best,


Sebastian

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