New to Orlando, Fl area

[Michael Steward]

Recently moved to Clermont Florida (just west of Orlando). I took Brandons challenge last September and managed to get 2 single family homes under contract by the end of 2017. Flipped them both using private money and did well with both. Then sold my own house and moved to Clermont. (I'm retired AF). I've now got a 333K arv house under contract for 274k but my private money guy in VA wants to stay in VA. I don't have an entity set up and have been told that I need one to get hard money in Florida. The private money guy I was referred to wants me to put 25% down which I do not have. Any ideas? TIA! MIke

[Laura Alamery]

@Michael Steward

First of all, welcome to Florida! :) Orlando is a great area to invest with lots of opportunities (properties and/or money available.)

There is a difference between hard money lenders or private lenders (who work following the guidelines of hard money loans) and money partner.

If you don't want or can't put a downpayment, you need to locate a money partner: an individual who sees the potential and value of your deal and will front the money for a percentage of the profits or a set return on their investment (usually 10%.)

How do you locate money partners? Put a proposal together, with closing statements of your last few deals, your recent experience and then information on the new proposed deal with photos, analysis and a conservative approach to comps and resale.

Experience speaks volumes when raising private money. The more experience as an investor, the more valuable you become as an investor, to the point that you can have the pick of which money partners you can work with and return on their investment you are willing to pay.