Financing for Rehab in Charleston...

[Robert West]

Hey everyone, 

I'm a new investor in the Charleston area and have been working to build my team. A good friend of the family, a contractor who lives in the area and has been doing real estate investing for about 30 years, volunteered to partner with me in helping me get started and learn the ropes. I'm really grateful. He won't do a deal that brings a profit less than 50,000 after the rehab. He's a smart investor who's not yet lost money on a deal so he is trustworthy in terms of purchasing. Though he would be able to finance it all himself, he has wisely chosen to have me secure my first deal on my own in terms of financing so he knows I have skin in the game (he's been burned in the past helping folks). However, he did graciously offer to do the contract work and cover on his own all the cost of materials and labor. He's also crunching the numbers with me prior to my putting in an offer. Given a family and my own personal mortgage, none of the various banks I've been to have been friendly to the idea of offering me a loan, even on a relatively inexpensive property. A home equity line of credit is not going to work for me either. There have been several promising leads lately that I wanted to pursue with my agent, but really need to secure financing as soon as possible. My contractor friend has discouraged me from using hard money. Anyone willing to help or know of where I might help financing a home 80,000 or under?