How to Leverage "Cash-Heavy" Friends Looking to Invest
Long story short, how can I create a mutually beneficial partnership with friends who have cash ready to invest?
I'm willing to provide the brains, time, labor, etc. of searching for an investment property and managing the tenants but lacking the cash.
Enter, a "wealthy" friend who trusts my judgment and work ethic to invest with.
I've created one such partnership in which I've essentially taken a side-loan from the partner for my share of the downpayment. From my half of the cash-flow I have paid him back.
However, in this scenario we are each liable for the outstanding mortgage from the bank and as such, I've bumped against my credit limit with the bank.
Is my best option to structure a similar deal but look for non-traditional financing (i.e. seller-financing)?
Thanks for the Insight!