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Updated about 8 years ago,
How do I finance this?
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