Financing with a partner
Happy Tuesday everybody,
I am actively searching for multifamily rental properties with the long term buy and hold strategy in mind. It is my first deal, so I am looking for a place that won't require a great deal of work up front but still offers some room for cosmetic enhancements to increase value. Since it is my first deal and I will not be living in the property, I have had a hard time finding financing requiring less than 25% down. I am curious to learn how partnering up might make financing a little easier. What exactly does the lending process look like with a partner? Any information is extremely appreciated.
Additional background: I am looking for properties in the suburbs of Chicago or any (excluding bad crime) areas within the city. I recently graduated this past year, work a full time job, and have been able to save up nearly 35k so far.