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Updated 10 months ago on . Most recent reply

User Stats

23
Posts
23
Votes
Shane Duncan
  • Rental Property Investor
  • Missouri
23
Votes |
23
Posts

Found a 4-plex with great cash flow but I’m stuck

Shane Duncan
  • Rental Property Investor
  • Missouri
Posted

I have been devouring all real estate information for about a year. I’ve been scouring marketplace, Zillow, auctions, and have been driving around. I finally found a great deal that will cash flow and give me everything that I’ve been looking for, but I can’t get a loan without a bigger down payment than I can afford. The property can be bought for about 175K and it already has tenants and brings in 2600 per month. What can I do? How can I find a way to make this work when I only have 20K of my own funds to put in? And have a great credit score and a steady income but I have a mortgage on my primary as well. This would be a long-term rental and I would want to hold. The short term and balloon payments that seem to come with hard money are pretty intimidating. Does anyone have advice for me to finally take the plunge and be able to make this first deal work? 

  • Shane Duncan
  • Most Popular Reply

    User Stats

    551
    Posts
    377
    Votes
    Nathan Harden
    • Real Estate Agent
    • Puyallup, WA
    377
    Votes |
    551
    Posts
    Nathan Harden
    • Real Estate Agent
    • Puyallup, WA
    Replied

    You're going to need to reach out to the people you know for a potential partnership.

    Remember, this is also only a 4plex so you are still able to only put down 3.5% -5% if you house hack it. Might be a good way to get your foot in the door, not having to partner with anyone, low downpayment and a cash flowing asset. 

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