Multifamily financing


#1

Hello All,
I am a new investor, and I have a couple of properties and also working a full time job,and I am doing pretty well.Both of my properties are free and clear and I don’t want to sell.I just found a nice multifamily property(12 condos positive cash flow even with 100% financing)My credit is pretty good (800+)but I do not have enough for the 25% down.
Can anybody tell me if there is a way to get help from a private investor and where I can find them?(No family members or friends are able to do it).
I would really appreciate any meaningful suggestions.

Best regards

George


#2

Join your local REia group and start networking. Also maybe the seller can owner finance. Is there an assumable loan?

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#3

Also maybe refinance one of your free and clear properties?

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#4

I agree with Alcrealestate’s second post. Refinancing one of your property would be a good idea.


#5

If you have my equity in your property get a home equity line of credit then use that for your down payment. Or even if you hve estabkished a business entity to control your property you could get a business line of credit.


#6

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#7

Greetings George,
Networking may put you in contact with private investors and/or individuals who know them. If approached correctly, attending local real estate meetings has the potential to point you in the right direction. You will find find plenty of new investors and might have to sift through a lot of nonsense but collecting business cards, exchanging numbers, etc. and properly following up can yield some positive results.

Putting out ads/postings has helped a few investors I know. Not a guarantee you will attract the right element, but I have seen it work. Local paper (classified section), real estate forums, newsletters put out by real estate professionals, venture capital sites, seed money brokers - all can be good sources. Taking it a step further, you can purchase mailing lists from data providers and send out e-mail messages or letters.

Another avenue to high net worth individuals would be reaching out to real estate attorneys, CPAs who specialize in dealing with real estate investing, and real estate agents who list/sell real estate investment properties. Usually these people know of cash investors who could be looking for opportunities to place money.

Lastly, you do have two properties which you can put up as collateral. We at GROUNDFLOOR can help you refinance these properties and pull enough cash out to invest in your multi-family project. Not sure how much you are looking for or how much these properties are worth, but if the numbers make sense, we can assist in getting you the required 25% down. Our loans are quick, require no personal guaranty, and our rates are very competitive.

Give me a call or send me an e-mail if you would like to discuss.

With regards,
Georges Franco
GROUNDFLOOR
Business Development Manager
(202) 871-0097
georges@groundfloor.us