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Updated about 4 years ago on . Most recent reply

User Stats

3
Posts
2
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Luca Motte
  • Investor
  • Seattle, WA
2
Votes |
3
Posts

16 YEAR OLD CREATIVE FINANCING! Please Help!

Luca Motte
  • Investor
  • Seattle, WA
Posted

Hello all! My name is LUCA and I am a 16 YEAR OLD ROOKIE INVESTOR from Seattle, Washington. I am looking to purchase a single family condo in the city as a short term rental. My only dilemma is getting financing for this deal. I have ruled out getting a standard mortgage on the new property under my dad's name, because it would be qualified as an investment property for him and I would have to put 20% down on the property, which I do not have. My solution is for my dad to get a line of credit and buy the property cash, and pay the line of credit back over 30 years. My dad has a great credit (upper 800s), a fully payed off primary residence and a low debt to income ratio. The ideal line of credit we are looking for, is for $350k, amortized over 30 years and with 2-3% interest. Does anyone know where we could find such a line of credit? Thank You! 

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