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Updated over 5 years ago on . Most recent reply
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Interested in using creative financing with low or no money!
I am very new to all of this, so, I am learning a lot every day, Just need someone to clear this up for me. I am now learning that even though I may not have a lot of money saved up, I can use someone else's money (private lender) I am still not sure how I would fund my deal completely with someone else's money. So lets say I were to purchase a property for $100,000. I need to get approved for a loan with my bank and then would possibly need 20% as a down payment. I could go to the private money lender for the 20%? So if thats the case and the home needed repair, I can't use a private money lender twice can I? Or would I just try to figure out the full loan amount before finalizing with the property? Thank you all for your time.