Finding an Investor for a Partnership
Hello BP, my wife and I live in Knoxville, TN, and currently have 5 rentals consisting of a mix of SFHs, condos, and a duplex. All cash flow very well as we bought them right. We want to break into the small apartment market (up to 30 units). I feel like I have the knowledge to find the deals and analyze them (after much self-education and research). My biggest block (be it mental or actual) is in funding the deals. Of course, seller-financing would be preferable, but I feel certain we could get an 80% loan with a local bank we currently have a good relationship with. But the remaining equity is where I'm getting hung up. We do not have the cash for the up to 20% down we will need. A realtor and mortgage broker we have a relationship with both say they know people who are looking to invest as a partner, but they're saying I will still need to bring some money. Is finding a partner who's willing to put up the 20% down really feasible? How do I get past this hurdle?