Guidance on flipping and/or buy and hold

[Jolene Blazey]

Hello,

I live in the San Fernando Valley, in Chatsworth, California. I am so anxious and excited to get started on my investing career. I am currently having a hard time "funding" a deal. I am looking to either flip and/or buy and hold. I put in my first offer which fell through due to my husband being laid off recently. With just my income alone, we did not qualify.

I have called several hard money lenders and all require “skin in the game” and being that I have no capital yet, hard money isn’t an option.. not yet anyways!

I would love to house hack, but there are very few options in my area, and being that we have 3 children, in 3 different schools, (Elementary, Middle, and High School), makes it that much harder to go this route.

I know there are ways to creatively finance, and super open to any ideas anyone may have. I am currently reading "The Book on Investing in Real Estate with No and Low Money Down" by Brandon Turner.

I am really going outside of my comfort zone posting this here but I could really use some guidance on getting out of the rut I am in currently. I am looking for someone who would be willing to show me the ropes and I will contribute in anyway possible in exchange, to bring value anyway I can, I would even be willing to pay a fee for some training/mentorship.

I thought I had found a mentor, he said, “start sending deals my way and we’ll split the profit.” I did just that and he pulled away :( Not sure what happened there, but I got the feeling he wasn’t as thrilled about this industry as I am. Either way, I got the drift, and here I am. Reaching out on BP hoping for some advice/help/guidance :)

I am so eager to continue learning and moving up in this industry to the point where I know real estate so well that I can mentor others in the near future :)

If you know anyone, or you yourself can guide me in the right direction, I will be forever grateful.

Thank you all so much in advance.

Jolene

SFV, San Fernando Valley, California, Los Angeles.

[Cornelius Charles]

@Jolene Blazey I know at least two hard money lenders that say they will fund 100% of the purchase price AND rehab. I have not done business with them myself, but one of my colleagues has used one of them.  They both lend in Ventura County, so I assume they would lend in your neck of the woods too, but you would have to verify.  If I remember correctly, they both will charge points/interest AND require a large portion of the profit. But hey, some of the profit is better than no profit at all. 

Also remember that they will have their own criteria on what they consider a "deal" and what they will loan on.  Not that I'm an expert or anything, but when I first started out, it took me a little while to realize that what I considered a deal wasn't necessarily a deal by someone else's standard.