Financing a property

[Cole Farrell]

Hello, I just stumbled into an off market deal. The numbers all check out, and it seems like a good buy. However, I do not have nearlyyy enough money for conventional loans. The purchase prices is about $700,000 and it is 8 units. What are my options? Thank you

[Chris Coleman]

@Cole Farrell for an 8 unit property, you will need a commercial loan with a $200K-$250K down payment.  Have you considered partnering with other investors for the down payment?

You could also approach the Seller about Seller-financing.  Offer what you do have for the down payment and see if they will be willing to seller-finance the balance for a specific term until you can refinance the property and pay them off.