Need Creative Financing Suggestions On This Deal

[Jerry Calhoun]

Evening All Investors,

My daughter is looking at a deal in WV that would be a STR in the New River Gorge area. She is asking me for financing advice and I am looking to the biggerpockets crew for suggestions.

She has 20k in cash and has equity in 3 properties, all in WV as follows:

1 lot with double wide that rents for $800 a month. A recent certified appraisal at $110,000 with no debt

1 residential home where they live. A recent certified appraisal at $242,000 with a $117,000 mortgage balance

1 15-acre tract with a recent certified appraisal of $152,000 and no debt.

The property she is looking at would be a $350,000 purchase price. She is looking to put 20% down and will need an additional 20k for minor repairs, upgrades, and furnishings. Her review of the property will cash flow with a 1.0+ on a DSCR loan.

She is asking what is the best combination of loan structures that she can take some equity out of 1 of the free and clear properties to help with coming up with the required down payment. Estimated property revenue and cash flow would have to count towards payment as their income is about $45,000 and another $9,600 rental income.

Are there any mortgage brokers out there willing to tackle this? She could really use our help.

Any thoughts or suggestions would be greatly appreciated. She has been helping us with our STR properties here in the Pigeon Forge area and now wants to get a solid start on her own portfolio.

Thanks so much....

[Lorien Rollins]

Tagging my favorite LO @Wyatt Wolff