How to add value to a Private Money Lender / Partner
Hello BP Community,
I've been looking at a few multifamily properties lately. I'm attracted to these properties because I'm getting out of the military at the end of the year and I need a place to lay me head and it would be great to be able to rent out the other units and have the mortgage covered.
That being said my current problem is that I don't have the money I need for a down payment on the properties I'm looking at. I would like to use an FHA 203k loan, that what I borrow not only the purchase price but also the rehab. Yes, I plan to BRRR this property.
I would like to find a partner or a private money lender (PML) to help purchase this property. How would you present such a deal or if you are a PML what are some terms and conditions you normally look for in a deal like this?