BiggerPockets Newest and Coolest Member

[James Mobley]

Newbie here. I'm just starting off my adventure so I'm here to learn for the most part.I have been listening to the Podcast A lot lately and its keep the motivational juices flowing. I just bought my first home In Brooksville, Florida and I have found a lot of potential opportunity In my area. I'm HIGHLY interested in gaining passive Income Via Rentals. Specifically using the BRRRR Method. If you guys have any good articles Using such method please include them in a reply. I love to learn!

I'm also curious on how you all Structure loans or Borrow money from friends/Family. I have a few friends and family willing to loan me money if I can find a good deal and gain more confidence to pull the trigger. How can you use another person(s) to finance a property Legally? I always thought there was a 10k limit on gifting. Feel free to send me an article if this has been answered.

[Jacob Walter]

Hey James, welcome to the community. I would also recommend checking out the BP Rookies Facebook page. There is a ton of information on there for newer investors.

to answer your question regarding having family/friends financing a property, they would not be gifting you the money so you shouldn’t have to worry about that. You could cut them in as a partner and give them equity in the property or you can treat them as a lender. I would not know legalities of this in your state you could reach out to a real estate lawyer regarding your states laws.