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From: Miakat .
OK all, I need some creative help with financing this deal.
I found an eight bedroom boarding house for sale. It also has a 1 bedroom flat. It is currently returning $720 per week. It goes to auction in June. After discussing it with the RE agent he thinks it might go for around the $300K mark. I am definitely interested in looking into this one. Only problem is finance. I currently only have about $10K equity, which means I'm a little short of the mark.
If I were to set up a company/trust structure is there any likelihood the bank will lend me 100% at a business interest rate.
I'm trying to see how I can do this deal and I think I need some help to think creatively about the finance.
Please help.
Mia
OK all, I need some creative help with financing this deal.
I found an eight bedroom boarding house for sale. It also has a 1 bedroom flat. It is currently returning $720 per week. It goes to auction in June. After discussing it with the RE agent he thinks it might go for around the $300K mark. I am definitely interested in looking into this one. Only problem is finance. I currently only have about $10K equity, which means I'm a little short of the mark.
If I were to set up a company/trust structure is there any likelihood the bank will lend me 100% at a business interest rate.
I'm trying to see how I can do this deal and I think I need some help to think creatively about the finance.
Please help.
Mia
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