Updated almost 8 years ago on . Most recent reply
Private Lender in House Hacking
My name is Jamin Hochstetler and I am 23 years old. I graduated last year with a degree in Mechanical Engineering and have a full time job. I am a new buy and hold investor in northern Indiana. 2 months ago I purchased my first property - a duplex, and I used a conventional loan with 20% down. I am now looking to get another multifamily property to house hack. My friend is also interested in getting his feet wet in real estate investing and said he would be interested in going in with me if I found one. Combined we don't have the funds to purchase anything upfront, so financing would be required. My question is: how would that work? In order for him to help fund, would his name have to be on the loan too? And how would his repayment work? Would he have a % stake in the equity or would he just get repaid from his % of the cash flow? Thank you!