Atlanta Financing HELP!

[Kaylee White]

Hi everyone! My fiance and I are new to real estate investing but we're motivated to start asap. We're struggling with financing our first fix & flip as we have very little cash (we're paying for a wedding) and our credit isn't great. I've also had my real estate license for a little over a year. We really need an equity partner or any references to a HML that won't put too much weight on our credit or lack of cash, but can see that we can (and already have) identified some great deals and can get the job done. I'm concerned about being able to find someone that isn't going to scam us or take advantage of us because we're new. Any advice is greatly appreciated. Thank you!

[Brenden Mitchum]

Hey @Kaylee White, welcome to the BP community!

Sounds like you have already figured out that credit is generally pretty important for new investors. Without deal experience, this is really all lenders have to go by. Honestly, I would recommend holding off on investing and just focusing on getting that credit right and building some capital. There are HMLs out there that will lend purely off the deal but this is riskier for them and you're going to pay for that risk with lower LTP/LTV and points. Bad credit and little cash is going to be very tough to overcome. If you have the deals, you could wholesale or reach out to agents/wholesalers to partner with them on finding buyers.

If you're anything like me, you'll probably ignore this advice and go for it anyways. If that's the case, shoot me a message and I can provide you with some hard money lender contacts. One is working with a client of mine who is international so has no credit here. 

You'd also be smart to use the HML search tool here on BP and call every lender on that list.

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!