Financing
Multi-Family Pros,
I currently own several small multi-family properties with partners but want to expand. My partners are hesitant although the deals work and the numbers check out on several small properties I have in the works. Our local bank assured me that if I could come up with 10% down I'd have financing no problem. However, when I say I am flat broke, I am flat broke (personally, not my small company). All my assets are preforming but I don't want to take any cash out of the reserves to finance new acquisitions...
Does anybody know anyone who will make private loans so that I can finance down payments? I think that several of the deals have enough meat on the bone for this type of financing.
Also, helpful advice and tips from seasoned multifamily investors is always appreciated. I know some of you must have been in this situation before? Do I try to seek new partners? Or do I look for alternative financing?
Thanks,
-Matt