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This week’s question comes from AJ through Ashley’s Instagram direct messages. AJ is asking a question many new investors have: If I borrow down payment money from friends or family, what’s the best way to pay back the down payment while cash flowing on the property?
For many rookie investors who don’t have large cash sums sitting around, much of their initial investment has to be done through borrowed money. This means not only getting a conventional loan from a bank but privately financing their down payment as well. But, before you start asking your grandma for some “seed funds”, make sure that your bank will allow you to borrow down payment money.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Ashley Kehr:
This is Real Estate Rookie episode 160. My name is Ashley Kehr. And I am here with Tony Robinson.
Tony Robinson:
And welcome to the Real Estate Rookie Podcast where every week, twice a week, we bring you the information, the inspiration, the motivation and sometimes we answer your questions directly so you can get started or keep going on your real estate journey. Ashley, what is going on today?
Ashley Kehr:
Not much, Tony. This is actually our third rookie reply. If you guys are watching this on YouTube, you probably realize that we’re the- well, Tony’s in the same shirt every day. We record a black T-shirt. For me, say you love it, three weeks in a row or care to reply. I’m not really sure what other small talk we could fake since we recorded it too`.
Tony Robinson:
I actually have one, I actually have one. My house in Louisiana, all of you know about it, it is under contract for a third time right now, and feels like we’re inching closer to actually being able to close this one. We just got the buyer’s request for repairs, so we’re giving them a credit for that. I think the appraisal has come back already above…
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