First Time Home-Buyer/Investing Out-Of-State

[Account Closed]

Hello BP Family! 

I am a first time home buyer positioning myself to buy a SFR, Condo or Duplex. My ideal strategy would be house-hacking/brrrr in the Los Angeles, California area but my current income alone doesn't support the real estate costs in the area. My goal was to take my commissions as a real estate agent and to invest in my first fix-n-flip or to buy my first property to reside in (house hacking) but the time has come to develop a new strategy.

Although I found a cheaper alternative to purchase in Long Beach, CA (250 sq ft Studio; walking distance to downtown Long Beach; 3 blocks from Pacific Ocean: $150k list price; $80 HOA; Tenant in place renting $1,200 a month), I did not qualify for conventional financing. (Ideal Strategy: Buy 2 condo units at $150k each [$300k] and live in one unit and have the $1,200 a month to cover both condo units)

I have reached out to mortgage brokers and none have created a solution as to what was needed from me to eventually be able to secure financing. I’ve been researching hard money lenders but a lot require me to have experience as an investor. I have even reached out to family/friends (which is few) and presented a seller financing option to transition myself into ownership but that fell through as well. 

I love to explore different real estate markets to compare and it’s usually locations I have ties to. (Cartersville, Atlanta, Jacksonville, Chattanooga, Burbank, Glendale) [Seattle, San Diego, Phoenix, Austin, Houston, Dallas] 

I found an abundant supply of properties in Detroit, Las Vegas, Milwaukee and Little Rock around $50k and less. Most requiring buyers to abide by city/state programs for renovating the property - first time home buyers (owner occupied) and investors allowed with guidelines. Most of those properties are in run-down communities. Is this a viable option to get the ball rolling so I can build credibility as a home buyer/fix n flip investor? 

Any insight/tips (formulas, analyzing deals, securing financing) is greatly appreciated. I‘ve also inquired about internship opportunities from contractors/investors to learn the business so a referral is appreciated as well. 

Last thing..at this point in the game, my #1 priority is seeking experience so financial gain for myself isn’t necessary. How could I structure a deal with a private/hard money lender to take a chance on me to flip my first property with the lender receiving most of the profit from the deal? Or what is usually needed from a new investor to partner with an experienced investor? 

Thanks in advance for your responses!

- Japeth