Originally posted by Account Closed:I dont like it. the best way to lose a million dollars is have some newbie go flipping houses on your (friends BIL) dime.Money-less people thinks its EZ to make money with other peoples money without skin in the game.  

Almost all lenders will expect skin in the game.

Do I need to have him put in 10% or so to have "skin in the game"?  

I think I could sell the building for top dollar right now (1 - 1.2 million)  I am currently learning about multi-family and want to purchase a sizable property with OPM as well as using the equity from my building so I have plenty of skin in the game. 

My plan was to use the $100k as my portion of "skin in the game" and work with either a portfolio or hard money lender for the rest.

HML want some skin in the game or serious equity in the deal.

As for financing the deal, I have found that everyone wants you to put 20-30% skin in the game.

Additionally, no lender will loan any amount without you having XX% skin in the game.    

#1 is not an option with only $15k to cover closing costs and your skin in the deal...banks won't do that.#2 is likely not an option if you don't have 6-12 months of liquidity.Yes to #4.  

I do realize that somehow I have got to demonstrate to those whom I look to for funding my deals that I have got some "skin in the game" as should be the case.