$40,000 needed for down payment!

Financing, Hard Money Lenders, Private Money
1

I’m new to the investing world. I have decided to invest in real estate to fund my college education.
I found a great deal in Beaumont, TX but need help with the down payment.
How would I go about finding a loan for $40,000 at 5% interest?

2

I don’t think anyone would be interested in this. Money market savings and CD’s are yeilding 5% at the moment. If you are looking for investors you need to sweeten up the deal, alot.

Plus, what type of experience do you have? You won’t really be able to market this deal with no experience.

3

Loan Status: Denied

4

Unfortunately the days of 5% interest rates are long gone.

The only way you will find that kind of rate is maybe from a family member.

Hard Money (HM) loans are in the mid teens.

5

I’m with the consensus here—not only is your target interest rate unrealistic, but your aspirations might be too (in today’s guideline shrinking enviroment, you will be hard pressed to find anybody that is willing to take a 2nd position or fund a silent downpayment)…

Regards,

Scott Miller

6

Its very difficult to find anyone to take a second position but it can be done. However your rate is very unrealistic; because the loan will be in the second position is considered a greater risk to the lender/investor. There going to want a piece of equity in the deal.