Home Buying in Chicago>Question Details

Patrev1034, Home Buyer in Itasca, IL

Are there investors that will go half with buying a house to rent?

Asked by Patrev1034, Itasca, IL Fri Oct 12, 2012

Me and my wife are looking at a house to buy and rent in Glenwood, Illinois. We already have tenants, and we will have half of the price of the house. Where can we look to find someone that will partner with us?

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7
for someone to give you half the price of a home I imagine you will be looking at an interest rate of 8% with a balloon payment in 5 years and $10,000 fee.. or just borrow money for the bank
1 vote Thank Flag Link Fri Oct 12, 2012
How about getting traditional financing? With 50% Down Payment it makes it a lot easier to get the loan.
0 votes Thank Flag Link Fri Oct 19, 2012
Good Evening!

I see several answers but I would like to ask a few questions:

1) You are looking to buy the house but you already have tenants? Are you stating that the home has tenants already? If so, you mean to say the CURRENT OWNER has tenants. The only interest that you have in the property is that you're "interested" in purchasing it.


Also, Real Estate is not that cut and dry. The monies that you have to purchase the property, I'm sure you have worked really hard for. Am I correct? Do you really want to partner with a TOTAL STRANGER with your hard earned money? Be leary of anyone who says yes, I will help you spend your money. Your question sounds like one of a novice. If you have a Financial Advisor or personal banker, please contact them first.


If you have decent credit and half of the price of the house, your best bet would be to PARTNER with a NATIONAL bank or you local credit union as opposed to a total stranger that you don't know from ADAM. If you have family members or people in your immediate circle of influence, consider them before soliciting strangers.


Toskanelia Palmer-Managing Broker
Imanage Realty Group
4007 N. Broadway, Suite 215
Chicago, Illinois 60613
Member Chicago Association of REALTORS® (C.A.R.)
National Association of Realtors
OFFICE-P: 312-285-7772
Fax: 312-873-4572
Email: imanagepalmer@gmail.com
Office ID: #84894
NRDS: #360586144
License #475.121088
0 votes Thank Flag Link Fri Oct 12, 2012
Not sure if this would be a good idea to find someone you never did business with on a purchase of this size.
0 votes Thank Flag Link Fri Oct 12, 2012
You really want a partner in a one time real estate deal? Having a partner is not always beneficial and conflicts will occur. Consider other options before you go that route. Good luck
0 votes Thank Flag Link Fri Oct 12, 2012
If it meets my criteria I will consider it. Do you have the property under contract?
If so, how soon do you need to close?
Please contact me with the following information:
- Purchase price.
- Address and details/features of the property, taxes, repairs needed if any, etc
- Expected rental income and expenses
- Your primary and back up exit strategies (how long do you expect to hold it, do you expect to refinance and cash me out, or re-sell it, etc.)

You may email me at FinancialCoach1@gmail.com or call me at 773-517-0345.

I can't guarantee I'll do the deal, but I promise I won't waste your time. I will give you a straight answer right away unless I need more information, which I can research and reply within 24 hours. That's the least I could do.
0 votes Thank Flag Link Fri Oct 12, 2012
Your cheapest money will be to work with a bank. Current rates are under 4%...

The other way to go is with several investors and set up an LLC or RIET (real estate investment trust) to pool money and purchasing power to buy several rental properties. Even in this route, you put down 25% and get a bank loan for the rest.

Best of luck,
Ivan Sagel
312-515-7823
0 votes Thank Flag Link Fri Oct 12, 2012
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