Hello everyone, Since Mid 2015 I was educating myself on how to obtain stressed, cheap, ugly SFR to fixing them up, rent them, refinancing and do it again – that was my plan for 2016. However, on the last week of December during a table conversation I was expressing my RE ideas to a friend at my uncle's house - let's call him "my rich uncle" and my rich uncle out of no where expressed the interest in putting 300K down if I would put some skin in the game and buy an apartment complex instead. That's it. He didn't mentioned where, when or what he is looking to get out of this. Keep in mind he's been a very wealthy man half of his life and he is in his mid 60s now – so he is also a very wise person. So, since January of this year I started reading and I've been trying to absorb everything in regards to MFR in order to present him a deal, but almost every day I come up with new ideas on how to use this opportunity but I'm stuck there. I'm going to meet up with him this coming weekend and I want to lightly touch the subject again just to make sure he still committed and that I can count on him once the deal arrives. I do have one question for everyone here. Let's say I find a property worth $1M, would you say it would be better for him to buy all cash and add me as a partner and I would pay him the interest for 15-20 months until I raise rent$ etc etc, then refinance with bank and buy my uncle out? Or should I use some his $$ and mine as a 25% down payment on a 2nd deal, then recover our down payment as soon as possible and reinvest on a 3rd property?
What would you do, what other deals would you bring to the table? Let me know your thoughts please.
Thanks,
Jeff.
