1st HH! How do I pay back
Hey everyone!
So I have been on BP for almost a year and I finally have my first house hack under contract! It's for sure been a hot market in Kansas City! This is a 2 unit home...not a duplex, but a large ranch house with a basement... a full HUGE apartment in the basement that can be completely separated...with a separate outdoor entrance and driveway on the side of the house in the ever growing south Kansas City area! My question is although this fha loan will be in my name, the capital for the down payment and closing costs will be paid for by private money lender. Does anyone have suggestions on how they may go about to reimburse this: would you pay it back fairly quickly w interest from all the money I'm saving from rent or deferred payment with interest? Or perhaps just give them xx amount of equity? Something totally different? Thoughts, advice? Thank you in advance!