Down payment financing for contract sale

[Robert Galtman]

Seeking input on this scenario. Working on a seller financing transaction where I am the buyer of a SF home in Chicago. I need to put $90k down as a down payment. I’m trying to avoid having to use my own cash as I have $ tied up in other investments right now.

I’m assuming my main options in this case would be: (i) borrow the money from friends/fam, who may or may not want equity in the deal, or (ii) private money/hard money? Any suggestions for private money lenders who could help with down payment financing? As always, appreciate any input from the BP forum. Thx! 

[Robert Galtman]

Quote from @Jonathan Klemm:

I think you are on the right track @Robert Galtman...friends and family are the way to go on a deal like this.  They are investing in you more than the deal.  If you do hard money you are better off just not doing the seller financing and buying it outright.

With a $90k downpayment, what is the purchase price?   

The other option would be to look for a Chicago partner/mentor who has done deals like this in the past.

Thx Jonathan. Yep, definitely trying to build my network in this regard, find other partners. Feel free to let me know if you know of any potential folks. Thx.