Is borrowing money from Private Individuals a good idea?

[Alejandro Valbuena]

Hey everyone!

I am looking to invest in my first real estate property but it appears that saving for a down payment of 20% or more could take me at least a couple of years. Because of this, I have been seeking alternatives for funding the down payment. Is borrowing money from private individuals who offer a higher interest a good idea? I am considering borrowing from a private lender for the down payment and borrowing the other 80% or so from the bank. This is just an idea of an investment that would take place hopefully at the end of 2023 or start of 2024. Please let me know any recommendations or comments on this scenario and/or what else should I consider or be aware of.

Thanks!