Finding financing questions for a newbie

[Dominick A.]

Hello everyone,

I am am relatively new to this and

I would greatly appreciate any advice or suggestions anyone has to offer as I am stuck in a rut. Recently I finally got the courage to turn the knowledge I’ve been accumulating the past year and a half of me discovering my love and passion of real estate into action and start looking for deals, looking for deals with NO idea on how I would fund them. I believe I have found a great deal and have run numbers obsessively to make sure. I was curious about private money lenders and loans and partnerships and how they would work in this instance. If I found the deal should I look to these sources for just the down payment? If so would I repay the loan of the down payment through monthly payments on top of the mortgage that I secure? Or do they finance the entire purchase and I pay them back essentially taking out the mortgage with them? Or is it that they become an equity partner and I pay them monthly on top of them having an stake in equity or is the equity the term of the deal essentially like they finance and receive half or whatever percentage of the equity that was agreed upon? I’ve been reading that private money lenders are short term lenders and I am looking to buy and hold. If not, what other sources of funding would anyone recommend for my situation? Any advice is appreciated.