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Updated about 11 years ago, 10/29/2013
How can we buy cash flowing triplex with little money down?
So here is the potential deal, love to hear any ideas. Purchase price is 600k on 3 unit property that should cash flow. I am trying to find out what is the best way to finance it either for short term (flip) or long term(30 years). Price is maybe a little high and that is why it has been sitting on MLS for about 200 days. It probably needs a lot of work. Owners only owe about 250k on the property so have some significant equity. What would you suggest is a good way to get the property with little money down?
My mortgage broker tells me that the owners can't give me the 25% down needed for down payment like it was done in the past. If the seller is willing to have me assume the loan what would be ways to pay them the remaining balance? If they are willing to give me seller financing what would be ways to pay off their loan? Or are their other ways to pick up this property? Thanks for your help.