Pros and Cons of Internet Financing
I am new to Multi Family investment.
I am trying to make an OPM strategy as I don't have my own money.
While I can manage to raise funds for the initial down payment/closing cost from friends and family, I am looking to explore my options to get loan for the rest %. The brick and mortar banks offering 75% of the price, while many internet lenders offering much more, some even 100%. I am trying to figure out the best possible option.
Can anyone give me tips to differentiate between genuine and fakes? any red flag I should watch out for? any pitfall I should know about?
Thank you so much for your suggestions.
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
You're not in a position to own rental properties. Even if you manage to put together such a deal you will be highly leveraged. This is a receipe for disaster. You need to back up and work on saving up the money necessary to invest. You wouldn't try to buy stocks, bonds or bank CDs with none of your own money. You shouldn't try to be income producing real estate, either.