New Investor Looking For Creative Strategies to Finance a Duplex

[Bryce Hacker]

Hello, 

I have a friend of a friend who is selling their duplex due to complications with his business partner. The property was under contract but the contract fell through as the seller would not be able to get the property rezoned and turn the large bonus rooms into another unit, making the property a quadplex. I should be able to get a good deal on the property due to the mutual friend that we share and have ran the numbers and it will cash flow nicely, however, I need to find creative ways to finance the property as most of my income is commission and I will not be able to use this income to qualify for a loan until December. 

I have done some research on seller financing and hard money loans and am wondering if anyone with experience in these two fields can provide me with a bit of insight or if someone knows of a better way to finance the property that does not relate to the two options I mentioned. 

Any help is appreciated!

[Joseph P Finkelstein]

The simplest/best solution is probably to find a cosigner. Rates are still pretty low conventional, so you'd be leaving some gains on the table if you go hard money/seller financing. 

I would talk to a lending pro in your area and get some info on how cosigning affects the cosigner, so you can bring it to someone and fully inform them. I believe its not as risky as people make it out to be.