I am trying to buy a small multi-family property out of state. I do qualify for a regular mortgage with 20% down payment; however, some of the deals I see at BP are done with private money. Since I have little experience, I am kind of worried that if I go for private money and get a contractor to fix a distressed property, I may be at risk of being in trouble since I might not get an adequate contractor and I won't be able to monitor what they are actually doing because I am out of state. What would you do in my case?
this out of state.
@Amalfi Duran You should read David Greene's book on Long Distance Real Estate Investing. It answers all of these questions. Also, for a conventional loan for a small multifamily, it will be 25% down normally.
Thanks @Joseph Firmin for the advise. I just ordered and will start reading as soon i get it.