Hello, I have a question. As a newer investor I have no money to start a project but I may have found a partner to do projects with and he will finance 65% of the project. Would anyone recommend speaking with a private lender for me to obtain my part of the finances. I would really love advice and feedback.
Hey Jonne! Considering many commercial lenders will lend up to 75, 80, 85, or even 95% of the cost of a project, I would network with them first, and then have your private partner fund the remaining 10-25% that the bank won't cover. Having a private person fund 65% when you have no money is sort of the harder path compared to having a bank play first fiddle.
Good luck on the path!
Ditto above. You need to be the one that finds the super duper great deal. That is worth quite a bit. You can get local hard money lenders to put up most of the deal. Find a trusted company local to you from your REIA. You should be able to find partners at your REIA also. Just network and talk to as many people as possible.