I see several answers but I would like to ask a few questions:
1) You are looking to buy the house but you already have tenants? Are you stating that the home has tenants already? If so, you mean to say the CURRENT OWNER has tenants. The only interest that you have in the property is that you're "interested" in purchasing it.
Also, Real Estate is not that cut and dry. The monies that you have to purchase the property, I'm sure you have worked really hard for. Am I correct? Do you really want to partner with a TOTAL STRANGER with your hard earned money? Be leary of anyone who says yes, I will help you spend your money. Your question sounds like one of a novice. If you have a Financial Advisor or personal banker, please contact them first.
If you have decent credit and half of the price of the house, your best bet would be to PARTNER with a NATIONAL bank or you local credit union as opposed to a total stranger that you don't know from ADAM. If you have family members or people in your immediate circle of influence, consider them before soliciting strangers.
Toskanelia Palmer-Managing Broker
Imanage Realty Group
4007 N. Broadway, Suite 215
Chicago, Illinois 60613
Member Chicago Association of REALTORSÂ® (C.A.R.)
National Association of Realtors
Office ID: #84894
If so, how soon do you need to close?
Please contact me with the following information:
- Purchase price.
- Address and details/features of the property, taxes, repairs needed if any, etc
- Expected rental income and expenses
- Your primary and back up exit strategies (how long do you expect to hold it, do you expect to refinance and cash me out, or re-sell it, etc.)
You may email me at FinancialCoach1@gmail.com or call me at 773-517-0345.
I can't guarantee I'll do the deal, but I promise I won't waste your time. I will give you a straight answer right away unless I need more information, which I can research and reply within 24 hours. That's the least I could do.
The other way to go is with several investors and set up an LLC or RIET (real estate investment trust) to pool money and purchasing power to buy several rental properties. Even in this route, you put down 25% and get a bank loan for the rest.
Best of luck,