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Updated almost 4 years ago,
Advice needed for creatively financing my second deal (21 yr old)
What's up BP, I need some advice from some of you experienced investors. I am working on my second deal, I have a single family home under contract and I have 6 weeks to find financing. My plan is to find a co-signer on a conventional loan from a bank for a 15% down, 3.8% interest, over 15 years, my monthly mortgage payment would be less than $400. Even after maintenance, capEx, taxes, insurance, and vacancy reserves, this property will cash flow due to the rent in the area being around $850. My question is what should I offer to a passive investor that has good credit for it to be worth it to them to co-sign with me? Should I offer equity? a percentage of the profits? interest? If someone pitched a deal like this to you, what would you want and think is fair in return to make it worth your risk? I'd love to get feedback from the community on this. Also, how would I go about finding someone on BP that would be interested in this sort of thing for me to pitch to?