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Updated about 8 years ago,

User Stats

7
Posts
4
Votes
Kevin Ross
  • Investor
  • Saint Paul, MN
4
Votes |
7
Posts

How do I finance this?

Kevin Ross
  • Investor
  • Saint Paul, MN
Posted

I'm Tired of my 9-5. I want something like this:

http://www.loopnet.com/Listing/20027497/660-Minnes...

How do I finance it? I have 5 rentals that are currently Clearing a modest income. All are traditionally financed on 30 year mortgages. I have perfect credit (around 800.) I know going through a bank is not happening, as i would need 20% down. Coming up with 5% down would be difficult, but might be doable. 

I've looked a little into crowd funding, but don't know anyone that's used it. Would that be the way to go? What would it look like: Buy it with a crowdfunded 10%, then in a year or so get traditional Commercial financing?

I have not run any numbers on the above property to see if it's viable at that cost, I'm just trying to get smarter and see what I need to do to get "pre-qualified" to move up to bigger and better!

Thoughts and ideas are appreciated!

Thanks,

Kevin

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