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Updated over 8 years ago,
Investors for $100k for a six plex
We have a buy-sell agreement on a six-plex here. It has great income potential. The sellers have agreed to finance part of the down. We need to come up with 25%. We can come up with about $50k and the owners will finance about $100k. The banks aren't too keen on a balloon agreement and the sellers would like to be paid off in 1-2 years. So we're looking at alternative options for getting this $100k financed. We haven't been able to locate any local investors, friends or family that have that money. Any ideas for finding a lender for a second or an investor that would be interested? We live in Montana. This 6 plex is about 20 min from Glacier National Park. Its a hopping rental market. I am experienced with rentals and have flipped some houses too with success. No one here can find rentals and when I advertise my rental I have about 20 people the first day who want to look at it.
Ideas for getting that 2nd financed or to find an investor?
Thank you,
Maria