Got my first partnership

[Allison Karrels]

I have purchased 4 single family homes using my own money but for my next rental property I am going to take out a private loan (5% loan over 7 years) from my mother in law for the 30K downpayment/closing costs and then finance the remainder.  I am excited that this will let us get another property quicker and help build up our portfolio.   

I didn't want to structure any complex partnerships or figure out how to split monthly cash flows or deal with complex tax situations so for me just getting a private loan was the best route.

Maybe in the future as I continue to learn and network I will get more advanced but for now, this is a great first step for me.