Updated about 5 years ago on . Most recent reply
Personal loan from friend.
Hello everyone! I'm a new investor in Arkansas and currently I am closing on my first property! I have a unique situation and would love to know what the community thinks.
I've recently expressed my love for RE to my social media and friends. After some time I was contacted by a wealthy friend who had taken interest in what I'm doing. Finally he offered to loan me 200,000 in order to help me grow and make money at the same time. We have signed contracts and I received the funds.
My question is, what is the fastest way possible to pay him back and maximize my gains. Obviously by fast I mean 5-7 years, but what real estate would be the best?
I was thinking multi-family due to the cash flow and how the price of real estate is increasing in the right location. Would I get a loan from the bank later on? Would they approve me due to it being from a personal loan?
Would get multiple fix and flips work?
I don't know anyone in real estate around me. I live in a small city and would appreciate any advice.
Loan 200k
Interest 5%
20 years