Looking for info on getting money partners
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So I'm looking at this deal, with conservative rent income for the area based on 4-2BR and 2 studios in the building ($700 and $400, respectively). I like it and, after some more due diligence by my realtor in the town and some pictures/info on the interior, provided everything looks good, would really like to put in an offer. My calc offer price is just a little below asking, but it's been on for on the market for almost 2 months. I would start less than the report says, and work my way up to that, if needed.
My question/problem is this. How do I find a partner to come in with the down payment (25% down) for 50% of the cash flow? I've been a real estate agent for 8 years in California, so I know the business, but this will be my first investment property. So it's not the deal I have a question on, it's the money relationship.
Actually, there are two of these buildings and I would like to buy them both.
In my experience, I can't put in an offer until I have the POF to go with it for the seller to show basically that I'll be able to close. But how am I supposed to get a money partner if I don't have the deal in contract?
Any help would be appreciated.
Thanks,
Travis