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Updated over 7 years ago, 07/26/2017
Newbie trying to get started
I am trying to get started in investing and I have very little to work with in terms of assets and cash. I have access to a certain amount through friends and family but need to be very careful how its used. The area I'm looking is a sellers market and properties do not stay listed very long. I have found what I believe are several good deals based on the numbers I'm running (trying to make sure I include accurate expenses). I have done a lot of research, watched a lot of webinars, walked a lot of properties, etc.. But I'm having trouble figuring out the best way to move forward. Many of the deals I read about use hard money lenders. Even with a great deal in hand I don't have any real leverage for a hard money loan aside from the property that loan would acquire. Without having talked to hard money lenders is it reasonable that, given the right deal, I would still be able to get that loan? I have a good job that pays reasonably well. Personal credit is very good but I still have student loans and alimony that prevents me from qualifying for a conventional loan at the value of most of the homes in the area I'm looking. I'm open to any suggestions or things to consider. Is the best way to build credibility with lenders just a process of doing deals?
Thank you in advance!