Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago on . Most recent reply

User Stats

157
Posts
29
Votes
Shara Carlton
  • Investor
  • Chicago, IL
29
Votes |
157
Posts

Closing With No Money...

Shara Carlton
  • Investor
  • Chicago, IL
Posted

I put a bid in for a property and my agent just told me it was accepted. My original plan was to "Hack" it: live in one unit and rent out the other. However, I am not sure if I will have enough money to complete the transaction. I don't have good credit so I am going through a HML, however, my lender found some things on my credit that I need to pay off before I can complete the approval. This is now going to cut into my down payment and closing costs. I'm thinking about paying off my debt and finding a partner to help with the closing and down payment. However, what would I offer to the partner to make them want to joint venture with me?? Should I get someone with better credit to get approved for the loan and I pay the down payment and closing costs?? What kind of incentive would make them want to put their credit on the line?? Maybe I can get an investor to pay the 30k cash to purchase the property, put the property in my name, and I get a loan on the property in order to pay the investor back?????

Most Popular Reply

User Stats

28,287
Posts
19,301
Votes
James Wise#5 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
19,301
Votes |
28,287
Posts
James Wise#5 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied

The investor would be taking on a pretty big risk doing what you suggested.

You would really need to make a very attractive offer to them as well as 

A. Know them & already have their trust

or

B. Provide them with a track record of success that shows you can come through and earn them a return on their investment.

Loading replies...