Posted by brandoncbsre on July 24, 2007 at 12:50:28:
Are you planning on selling soon or holding long-term? If holding it long-term I would try to borrow the money either give him a second on that property or another one if you have one.
Help with downpayment - Posted by Blaine Cox
Posted by Blaine Cox on July 23, 2007 at 14:50:49:
I have an opportunity to buy a nice piece of Commercial property. My problem is the down payment which I do not have. Now I know an investor that I could take this dilema to. My question is what is the best way to approach him with this deal. Should I set the deal up where he is actually a part of it, kind of like a 70/30 or 60/40 deal where I would benefit from cash flow, and he would benefit at the time I were to sell the property. Or should I set up some sort of payment plan and just borrow the money from him? Any advice would be great.
Thanks.
Re: Help with downpayment - Posted by StevenS(CPA)
Posted by StevenS(CPA) on August 01, 2007 at 09:27:28:
The question you ask is completely up to him and you. It depends on which would be comfortable to him and still valuable to you.
I would approach him as I would any other investor. Have all the documentation you can have in a professional package that he can look at and analyze, be prepared to answer all of his/her questions fully and if you do not know say so and that you will get back to them with an answer in 24 hours with the answer.
The most important thing you can do is to know what you are talking about with this property and how he and you will make money and exit from the property. This will build his confidence in you and the deal.
I hope this helps.