Financing a duplex investment property

[Patrick Ng]

Hi all,

I am looking to move on a duplex. I recently closed on a SFH, and my goal for financing this property is to keep more cash on hand in case of repairs etc on the other properties I have. For this property, all the financing I am finding is requiring 25% down, and will not allow "gifting" of funds to help cover a down payment, like if I get a personal loan from a family member.

I hear on the podcast often about how deals are partnered etc. Is it not possible to get conventional loan for these, because my mortgage broker told me that no bank will allow gifting of funds and bringing other's into deals. When this is described in the podcasts etc, are people using hard money or other kind of funding? I'm trying to understand the details of the, one person find the deal one person bring the money, transactions work.

Also open to learning about other ways to finance to keep more cash on hand. Thank you!

Patrick