Newbie Needs Advice on Creative Financing

[Jessica Piff]

Hi BP,

My husband and I found a deal we are really excited about. It's exactly what we are looking for in terms of PP, commercial multi-family, and high cash flow. We've analyzed the deal with extremely conservative figures and it would cash flow around $1000 a month. We really want to secure this deal with as little to no money of our own so we can acquire another property quickly. Looking for some advice on different options to get a loan for the downpayment (30K). 

Thanks so much!

[Nathan Gesner]

$40k isn't that much in the big scheme of things. If the deal is that good, can you borrow the remainder of the down payment from a family member? Maybe partner with someone and split the monthly proceeds?

I have never asked to borrow money from anyone, but I can name ten people right now that have at least $40k in their bank account and they would loan it to me for a decent return or partner with me to purchase a property. Ask around and you'll be surprised what you find.