What are some alternative ways to finance a 2nd rental property?
Here is the situation. I have one leasing property that is a triplex through a land contract in Columbus Ohio. I have had this property for about 6 months now. I am still learning the business of being a landlord so any advice is greatly appreciated. I am wanting to hold another property but I don’t have enough cash for a down payment on a loan through a bank. What are some options to hold another property?
Oh my brother I have the same problem I find fantastic deals all the time that will cash flow even if I borrowed 100% of the money but no one wants to lend.
Really, your only options are:
1) friends/family loans
2) bring on outside investors
3) hard money lenders
4) real estate investment clubs
2-4 can be found by google searches.
Excellent luck, I wish it were simpler. I really despise lenders. They’re the worst part of the work needed to invest.
The seller may be willing to finance you. A lot of people are acquirieng property under lease options, giving yourself complete hegemony of the property for a certain amount of time until you can get finanacing.