Are there any other options of financing a building product such as single or multi-family without having a ton of cash in the bank? Everyone I talk to wants me to have more capital.
You can get creative with second loans, and non sourced or seasoned funds. You can also do a seller wrap around and then refinance your loan to take out he seller. But the typical lender wants to see some of your cash (or what appears as your cash) into the deal. There are hard money and private lenders available but the higher interest needs to be factored in.
we have spec home builders in the area that will build a very inexpensive stick built home. its so inexpensive that you can get a 80 percent ltv loan on the total cost of project and then they do an appraisel of your package and see what it would sell for when built and 9 out of 10 times that 80 percent adds up to the total cost to build which meens 0 down. they will even throw in closing costs if it will fit and it almost always does. I have done it twice with no money out of pocket or I paid very little out of pocket and got it back when the loan funded. not sure if they have this type of system evrywhere, but here it is a awesome way to invest and make some very good money.
You can get creative with second loans, and non sourced or seasoned funds. You can also do a seller wrap around and then refinance your loan to take out he seller. But the typical lender wants to see some of your cash (or what appears as your cash) into the deal. There are hard money and private lenders available but the higher interest needs to be factored in.
we have spec home builders in the area that will build a very inexpensive stick built home. its so inexpensive that you can get a 80 percent ltv loan on the total cost of project and then they do an appraisel of your package and see what it would sell for when built and 9 out of 10 times that 80 percent adds up to the total cost to build which meens 0 down. they will even throw in closing costs if it will fit and it almost always does. I have done it twice with no money out of pocket or I paid very little out of pocket and got it back when the loan funded. not sure if they have this type of system evrywhere, but here it is a awesome way to invest and make some very good money.