Borrowing other people's money

[Genaro Padilla]

I have a person trying to sell 10 homes, pretty much his whole portfolio. I would like to buy the homes unfortunately I dont have that type of money. How do I go about borrowing money to buy the homes and then getting a loan from the bank to pay the person back?

[James Wise]

Originally posted by @Genaro Padilla:

@James Wise I dont have the best credit still building it. I do have some people that have that type of money that would borrow me the money. The problem I have is how would I go about it to make this happen. I have learned some stuff but borrowing 280000 dollars, how would that work? Like how would you go about getting a loan to pay the person back would I be able to put a loan on the home's to get that money borrowed that's the part I dont understand.

 Setting up the loan is the easy part. If you've got your investor in agreement with you, you guys can just go to an attorney & Realtor to get the purchase agreement & loan paperwork all setup. That said you appear to be in an embryonic stage of this business. I find it very hard to believe that someone would be willing to invest $280,000 with you at this time. The risk level for them would be insane. I feel like you're chasing your tail here. My advise to you would be to get a job working in the real estate industry for while. Save up your money while gaining some experience then use it on a few of your own deals. Build up a resume then pitch investors when you're able to talk the talk & walk the walk. Right now it just looks like you're going to be running into a wall.