Funding Dilemma on Our First Deal

[Quinton Harrell]

Seeking some BP wisdom, Good People.

My wife and I have identified her hometown of Columbia, S.C. as a market to create a solid portfolio of SFH & MFH, cash flowing properties. (We live in Virginia). Our first deal warrants the BRRRR method, in our assessment. We have one friend/investor ready to contribute 25% debt capital towards acquisition costs, as our offer has been accepted by the seller (REO). However, our other friend, who was to contribute 70% of the debt capital to the deal has decided to pass on investing in South Carolina. Acquisition costs are approx. $73k:

-Property -$50k 

-Renovation - $20k

-Closing costs - $3k (approximation)

-ARV = $98k -- $106k (we've based our numbers on $98k)

We conservatively anticipate 90-120 days renovation and have a tenant lined up. [Currently learning lenders' seasoning periods for refi.]

We have more we can put into the deal out-of-pocket, if necessary 10% -20% of the property cost. (We're trying not to touch that pot for cushion for the unexpected). We've talked to a few hard money lenders, but it seems that no one is interested in anything under $75k. Other friends and family have funds tied up in DooDads and can't contribute right now.

Are there any HML's who'll entertain lending under that $75k threshold?

What other options to pursue are we not thinking of right now? 

I'd greatly appreciate any advice, suggestion, or pointing in the right direction for our cute little first deal.

Regards,

Q