Best way to finance first project

[Luke Boff]

Good morning everyone. Over the past couple of weeks I have been reaching out to multiple different hard money lenders as well as conventional lenders. I am a new investor with about a year of real estate experience as an agent. My wife and I are looking to invest within real estate between fix and flips and fix and hold properties. We have completed a renovation but it was on our primary residence which no hard money or conventional lender will consider experience. What I am hearing a lot is that I need to team up with a already established investor in order to obtain financing for a fix and flip. Are their any companies out there (hard money or conventional) that have programs that tailor to this situation? Also, if anyone has any advice for financing your first deal that would be greatly appreciated. Thanks!

[Steven Foster Wilson]

Quote from @Luke Boff:

Good morning everyone. Over the past couple of weeks I have been reaching out to multiple different hard money lenders as well as conventional lenders. I am a new investor with about a year of real estate experience as an agent. My wife and I are looking to invest within real estate between fix and flips and fix and hold properties. We have completed a renovation but it was on our primary residence which no hard money or conventional lender will consider experience. What I am hearing a lot is that I need to team up with a already established investor in order to obtain financing for a fix and flip. Are their any companies out there (hard money or conventional) that have programs that tailor to this situation? Also, if anyone has any advice for financing your first deal that would be greatly appreciated. Thanks!

 Hi Luke,

When I got started investing my sophomore year of college, I had $500 to my name, My grandmother lent me $12k for the downpayment on a duplex on OSU campus in Columbus. Over the course of a year my wife and I fixed it up, rented to friends, ate peanut butter and jelly, did everything we could. We then refinanced the property and it has given us $140k in cash back and continually produces $1,800/month in cash flow. Because of that first property it has helped us grow our portfolio.

In Ohio, I have used Wild Cat as our hard money lender. When we got started with our rehabs, we put it on a 0 APR credit card and paid it off before the time came due. I know that scares a lot of people but we made it happen and came out with more money then when we started.

Hope this helps.