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Updated 10 months ago,

User Stats

3
Posts
1
Votes
Rodney K. Cotton
  • Realtor
  • San Diego and Hawaii
1
Votes |
3
Posts

Need 50-60% 1st position loan to go with my seller carry financing 2nd lien

Rodney K. Cotton
  • Realtor
  • San Diego and Hawaii
Posted

I am negotiating the purchase of an investment property in Hawaii. It has two separate dwellings on one lot. One house is a 3br/2,5ba, with full kitchen, and the second house has a 2br/2ba with full kitchen on the top floor and on the bottom floor is a Studio/Ba with Kitchen. The combined rents will be between $7,500 - $8000/month.  

I am looking for a larger loan, about $750k and seller will carry the other $750k on a $1.5M purchase. Are there any investors willing to risk $750k on a $1.5m+ investment property? I prefer not to put any $ down as 10% would be $150k for this project. I could put the 3.5% FHA loan route but not sure if I want to deal with FHA requirements. Any private/wealthy investors out there? Any ideas from the MBs besides the obvious "you still need to put 10% down?" I also have a condo purchase I am working a 50%-50% similar deal that is in the $850k range. Thanks in advance!!

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