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Updated about 12 years ago,
buying first property
A friend of mine and I plan on partnering and buying and holding multi family properties. Like a lot of other beginners we are trying figure out the best option for funding and financing. The plan we have now is to create an llc and buy properties either conventional or private. We do have enough money to put 25% down but this would tie up our funds and we would not be able to move onto the next deal quickly. What i have found in researching is opm is the way to go. so my first question is do private lenders help fund the 25% ? If so what are the usual terms? If private lenders only fund the whole deal what are the terms for that? Also iam not sure about a bank
funding a new business? What do i have to look forward to with all of this?
My apologies if this seems confusing. Just a rookie looking for some insight. Any help will be appreciated. Thanks!