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Updated about 8 years ago,

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2
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0
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Dan Griffin
  • Wholesaler
  • Stilwell, KS
0
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2
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Need ideas on how to secure funds for a SFD

Dan Griffin
  • Wholesaler
  • Stilwell, KS
Posted

I have an opportunity to buy a great property in my neighborhood. $210,000  My wife and I would like to live there in 2-3 years when it is time to downsize.  In the mean time I will rent it out or use it as an AirBnB property.

Due to being self employed I haven't been able to secure financing. I own a couple of rental properties with substantial equity as well as my primary residence. Also have a good IRA and a fair amount of cash.

My daughter agree to sign for a $150,000 loan with the owner taking back $50,000.  The bank now says that they cannot do a conventional loan with owner financing. 

Any advice on how else to get this financed?

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