Updated over 4 years ago on . Most recent reply
Partnership - Financing Issues?
BP - a close friend of mine has $100k liquid and wants to invest it RE with me. Preferably a long-term rental/hold, but flipping isn't out of the question should a deal present itself. Our idea was that I/we use the liquidity as a down payment, while the loan would be in my name.
His cash flow isn't strong or consistent since he owns a service business, but he has decent liquidity. On the other hand, I've had a steady job with a consistent W-2/cash flow, but lesser liquidity. I also bought my primary residence (condo) and have been house-hacking since day one.
Other than buying a property with cash or going with a hard money lender, are there any ways we could qualify for financing? If securing a conventional 30-year is tougher than a bridge loan for flipping, then we may look into flipping instead.