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Updated over 3 years ago,

User Stats

18
Posts
4
Votes
Bernie Tobin
  • Grand Rapids, MI
4
Votes |
18
Posts

Using OPM to fund my first deal

Bernie Tobin
  • Grand Rapids, MI
Posted

I've found my first deal and I have two partners to go in on it with me (it's a mobile home park that looks to be a great deal).

I've been approved for a home equity loan and will likely get $50,000 on a line of credit.  It looks like we will each go in for about $100,000, which leaves me short.

I know people that are willing to invest... I just need to know how to best do this.  Is 9% typically a good return?  What is the best way to pay them back within a year knowing that the cash flow from the MHP will likely not be enough.  Perhaps a 3 year note for 6%?

Also, how do I have a note made up?  Lawyer?

Thanks for the advice!

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