Creative Ways to Raise $ for a Down Payment on RE Investment

[Katie Johnson]

Good Morning All,

I am from NYC and new to the site! I am a residential real estate agent here in NYC looking to purchase my first investment property. I have been calling local and international banks for a blanket loan on a 6 unit investment property here in the Bronx, NY. Here are the numbers;

6 unit - 5 Unit Residential apartments - 1 Storefront (ground floor) great location.

parking space POTENTIAL on the side of building (vacant lot with curb cut)

cap rate 7.1%

$47.5k net operating income

GREAT DEAL!

I don't think I will have enough for a down payment (actually I dont!) - credit is 700. I have $0 for down payment at this time - I have 2 kids and married for 5 years and work 9am - 6pm everyday - I find it hard to save anything! I may get a loan based on my income/credit but I am stuck trying to raise $ for a down payment?!?!? what to do?!?! I am determined to make something from nothing, but how???

Are there any creative ways for me to raise funds for a down payment on my first investment property outside of asking friends, family and associates (no one I know has $$ I need to partner up with me)? 

Question is: am I basically stuck or should I budget and save some of my OWN $ and try again in 2 - 5 years? 

[Rebecca Peters]

Hi @Katie Johnson, welcome to the site! Check out the creative financing forum on the site. There's certainly a wealth of information there and all over the site.

You could find partners on the site through reaching out here on the site and networking in person to help you finance the deal. I went to a Harlem meet up last night hosted by Steve Nson, his events are on the website www.meetup.com. You'll find other awesome real estate meet ups there as well where you can meet lenders and other providers of creative financing.

Feel free to message me if you want to talk in more detail. I live in the Bronx and love the borough! Love it when investors go into the Bronx!