As a real estate investor, you’re all too aware of the challenges you may face when you’re trying to find a down payment on house you really want to buy. Unfortunately, many people aren’t able to purchase the properties they want because they can’t fund the down payment—but as a real estate investor, you may be a little more resourceful than the average Joe.
So how can you fund a down payment if you’re having a tough time?
Creatively Funding a Down Payment
Because a hard money loan typically requires you to contribute toward the property’s purchase, if you don’t have the cash on-hand when you find a great deal, you may need to get creative to make the funding work.
Ideally, you’ll have saved up for an occasion such as this—but if you haven’t:
- Ask for money instead of gifts. If you have a big event coming up, ask friends and family for cash rather than gifts. However, this isn’t feasible for everyone. (It’s just an idea!)
- Talk to the seller. Typically, sellers who have had their properties listed for a long period of time are much more flexible than those who have recently listed properties. It may be a good idea to talk to the seller of the property you’re interested in buying and see if you can work out a deal.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.