I am a 60 year old man who is looking to buy up some properties that I am planning on fixing up a little bit and renting out. I have made a lot of money doing this stuff but I have currently been out of work for a year. I have $400k in assets currently but I do not have any cash floating around that I can finance this project with.
I am looking at purchasing one approximately $40,000 house and putting another $10,000 into fixing it up. I am not concerned about making my money back and will definitely make all the money back through charging rent over 10 years.
My credit is perfect. What is the best way for me to finance this project? My dream would be to be able to borrow $100k for this, but I think I could start with $50k.
Should / Can I…
a) Borrow money from a bank to pay the down payment, then pay off the mortgage by borrowing a little bit more + using the money I will get as rent
b) Try to get some investors off the internet using a community investment website or something
c) Try to get friends to invest in my project
Thank you for your time. Please give me all the advice on the financing as you can.
Ben
Read more: How to get money to finance some Housing Investments?
