Purchase of multi fam - creative financing

[Ryan Pearsn]

Hello,

Hoping to get some direction on potential options for creative financing:

Opportunity to buy a duplex (future opp to be converted to quad and run as Airbnb possibly)

- Sale price $320k (negotiable)
- $420k appraised value 

- 25% down
- Personal Income is $100k 

- personal credit score is poor

- Have current LLC with no credit history

- 5 years+ rental history at $3400/mo <5% vacancy

- Minneapolis, Mn 55417

Needing to get creative on financing options - willing to take on less than ideal terms non conforming etc :

- DSCR sounds appealing - ratio would be solid

- Hard money?

Any thoughts?

Thanks in advance!

Ryan

[Jeff Schemmel]

@Ryan Pearsn chat with @Bryon Andrews.  He’s done a few off market with creative lending.  Non QM lending is an option, and there are a few routes to take that you mentioned little about the property in regards to the seller and market status.  Is it on market?  Is that appraised value real or theoretical?  If off market, what’s your relationship to the seller?  Do you have a direct line to the seller or are you using agents or lawyers?  If you have a line to the seller, contract for deed terms may be a decent option.