Using OPM As A Down Payment
Hi BP Members,
I have a passive investor lined up to provide the down payment on an investment property. I will find and manage the deal, and take out the mortgage under my name, and receive a portion of the profits for doing so. However I'm stuck on how to use my investor's money while taking out the mortgage under my name. This will be through a conventional mortgage for a residential building (a duplex). Any tips on how to proceed? Do I just need to place my investor's money in a bank account and let season for 60 days? Thank you!