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Updated about 6 years ago,
Finding A KP On a Deal
Bigger Pockets Family,
I recently put in an offer on a deal in the midwest where I have another apartment building and it was accepted. I have been on the phone with some mortgage brokers today and much of the feedback has been that I will need to find KP's if I want a non-recourse loan.
The loan on my other property is recourse through a local bank.
The broker stated that both for net worth requirements and also for experience.
My question is for those who have done the same thing or maybe even for some who have been KPs on deals themselves.
What is the best way to target someone to join on as a KP on my deal?
I'll admit that I don't have a huge network. I went to inner city public schools and don't come from a lot of money. I hustle to get things done and I figured I could contact my local REI group. But wanted any advice from some veterans here.
Thanks as always