Seeking Financing for Turnkey Rental Property

[Cody Dover]

Good evening fellow investors,

My business partner and I are currently seeking financing for a deal we have under contract. We have attempted to work with many private money lenders and banks; however, everyone says the loan amount is too small and the bank will not currently fund our deals.

We have a turnkey rental that is occupied, under contract. Purchase price is $36,500. The owner is motivated to get rid of the property. He will not accept doing owner financing. We are in a bind as the time is winding down and we have been unsuccessful in our attempt to creatively finance this deal. 

We would love to hear any advice about how we can go about achieving financing for the deal. Thank you for your time and consideration.

[Anthony Dooley]

Home equity line of credit from your personal residence? Borrow from your IRA? Get an unsecured personal loan from your bank? Sell you jet ski and your classic Camaro in the garage? Offer a friend or family member all of the rent until the loan is paid? Find a cash buyer to wholesale it to? Pass and save up some money.