Funding first deal in Minneapolis

[Erich Kliewer]

Last weekend I made my first offer on my first fix and flip property. It was active on the MLS so I knew it would be competitive and we ultimately did not win, but it was fun just to get our hat in the ring. The list price was $110k and I had ARV right around $225k. It was a hoarder house that was cleaned out and being sold by a wholesaler.

I am looking for connections for alternative financing for this project. I am working with family members with the idea being they put up the initial cash investment and fund the project and I will manage it and of course market and sell the property once the rehab is complete as I have my RE license. 

Even though we didn't get this house, it was a valuable learning experience. I realized that even though we have been discussing it for over a year, my brother who had talked about putting up the majority of the cash seemed reluctant when it came down to actually financing the deal and making an offer. The last thing I want is for him to feel uncomfortable with this investment. On my end, I have done my homework and I know this would have been an outstanding opportunity for a first flip for us. 

I have been wanting to invest in real estate for over 10 years now, but made the commitment a little over a year ago to actually do it. I have been reading, listening to podcasts and researching for over a year now in addition to getting my RE license last July. I have a couple listings closed as a solo agent so I am gaining experience and have had success with that piece of the puzzle. 

Are there any private or hard money lenders in or around Minneapolis that would like to connect? Who do you know in the Minneapolis area that I need to know? 

Thanks!