Updated over 4 years ago on . Most recent reply
19 year old trying to buy first duplex
Hello BP family! Recently I've been in search of my first deal and think I found the duplex in my area, pittsburgh, where the numbers make sense. I ran the numbers using the BP rental calculator and this property could be cash flowing between $700 and $900 with a 13% CoC ROI.
There’s one problem....
I am a 19 year old that would not be able to get pre-approved or come up with a $30,000 down payment. I have a family friend partner that is very supportive and said he wants to help out with my first deal. I am looking for advice how to pursue this deal with a partner.
How do I pitch the deal to him? (I have the pdf saved from the calculator)
How does co-signing work?
What is an idea of how much percent he would get from the deal?
How do I compensate my partner, would he get a split of the monthly cash flow?
I hear Brandon say all the time to just “get on base” and get started however you can. I’m not really concerned with how much profit I will be making it’s more of just getting acquiring my first asset to leverage moving forward. Thanks in advance!