Newbie Finance Question

[Michael Franko]

I'm new to the game and have been analyzing deals on BP for the past few weeks. I'm stuck on coming up with a down payment. I have family that would be willing to front the money but how long should I estimate to have their money tied up in the deal? Most of the properties I'm looking at do not need much rehab.

Thanks for your time and advice!

[Henry Clark]

@Michael Franko

Recommend you don't go the family route, even though it is the easiest up front.  If you do, tell them it will be 10 or 20 years.

If you fail, they fail.

If you succeed, why didn't he share.

No win, proposition.

Your non cash Assets- Time.  Don't know if all fire departments are the same.  The firemen I know work a lot of hours on; then a lot off.  Thus they have free time.  If you have this type of schedule, recommend you use your "Time" as the asset, sweat equity and do rehab/fixer uppers.  Your returns are going to be minimal on Rent ready properties.

Ohio for what ever reason as you might have noted on BP has a lot of BP investor interest.  You might seek out a financial partner from out of state.  You be the on grounds person with an equity interest.

With low down payment available, you might look at starting with Trailers and RV rentals.  

Also you might look at an SBA loan.  10% down.  They only do certain types of property.

House hacking is probably out of the question with the kids and staying in certain school districts.