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Updated over 6 years ago on . Most recent reply

Kristopher Shobe's profile image
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Kristopher Shobe
  • Member since Jan 26, 2019
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Kristopher Shobe's profile image
Kristopher Shobe's profile image
Kristopher Shobe
  • Member since Jan 26, 2019
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Kristopher Shobe
3
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15
Posts
Private Lending & Conventional Mortgage Advice

Close friend wants to partner up to buy a duplex

Kristopher Shobe
Posted

My buddy and I would like to buy a duplex and our question is, could we each get a personal loan for 30k, let it sit in our accounts for 30 days and then use the combined funds to purchase said property out right? Property is 50k. Rent is $1540.

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Marc Winter's profile image
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Marc Winter
  • Real Estate Broker
  • from Northeast PA
  • Member since Sep 22, 2017
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Marc Winter's profile image
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Marc Winter
  • Real Estate Broker
  • from Northeast PA
  • Member since Sep 22, 2017
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Marc Winter
  • Real Estate Broker
  • Northeast PA
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Marc Winter
  • Real Estate Broker
  • Northeast PA
Replied

If you are going to by all cash, not sure you need to 'season' the funds.  That is some serious cash flow--congratulations!  Find more of the same and you and your buddy have a great retirement income!

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