Hello BP community
I am a newbie to the RE world but I have done allot of research in many different areas. I often find myself on BP for hours at a time reading and researching. If i am posting in the wrong section my apologizes.
I need a little insight with my issue. I am interested in MF buy and holds. I have great credit and a small savings, not enough to get in the game. Recently I had a friend come to me and tell me he has heard me talk for the last two years about RE and he wanted to help me get into the game. He said someone helped him get into the game ( not RE) and he said he wanted to do the same. He told me to bring him a business plan. Note.. he is not interested in the RE world he is very successful in another area. This truly is a great opportunity for me.
Now you would think after all these years of reading and dreaming of my first deal I would already have a structure deal down. But since I never thought private money would be an option I never harped much on it. My question to the community is.
What is the best approach? Should I just ask my friend for a down payment and then get a loan from the bank and repay my friend back with interest? If so what is the average repayment time frame. Or should I do something different? I can get a loan for the bank I have already approved before. It was the down payment that was the issue.
Any advice will grateful.
Thanks
