How to get a partner/creative financing for next multifamily NJ

2 Replies

I would be curious to know from people who own multiple properties, have a solid day job w the W2 how to get the next deal under wraps, when you just got one. I'd like to replicate the current cashflow i got w a 2 family on south Jersey City, and know the market is red hot.. each month im missing out on opportunities that are better than the one I got.. and that was good. 

Down on savings now, and already have multiple mortgages.

Partner financing? - i dont know anyone who id trust or discuss money matters with

Private lending? wouldnt go above 3-5% since mortgage rates for my 30yr fixed are those..

what other ways are there? 

Cash out refi of other properties? - probably wouldnt touch my current mortgages

for a 400-500k multifamily id be able to throw down 10-20k atm myself and would need help with the rest. 

THANKS

@Drew Slew

Other than partner financing: few ideas to help get you closer

 1.) Being w2 employee if you have a 401k saved up- you can borrow from your 401k (usually at prime rate) 

2.)Seller concessions: if you are able to get a deal where seller concessions can pay for a good chunk of the closing costs- might save you up to 10k up front (but added to the mortgage)

Yes am W2, but my 401k is paltry, still in 4 digits. Id need at least a magnitude of 50-100k to really start moving in heavy w some 2-3 families.