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Updated over 5 years ago on . Most recent reply

User Stats

8
Posts
3
Votes
Antonio Williams
  • Realtor
  • Akron, OH
3
Votes |
8
Posts

Advice on how to get financing for first fix/flip

Antonio Williams
  • Realtor
  • Akron, OH
Posted

I thought BP was a great place to reach out to get input/advice from all of you awesome people. Quick background about me: I have been in Real Estate for about three years (mostly as an agent, have done some wholesaling as well) and was immediately intrigued with the investment side of RE. After learning and educating myself, I feel ready to seek my first investment property and luckily I think I've found the perfect partner (we fill in each others strengths/weaknesses). I have a pretty good idea how to find the deals (not saying it's easy but know where to look) and a really good idea of the ARV, our only problem is financing. I would prefer to use private money but am curious how to find PM lenders as well as how to structure the deal. My credit score is great (~790) but due to recently reducing my hours at my part time job my income is not good enough to get a bank to loan me; my partner has a real solid income and a pretty good credit score (700+).

Is this something that is feasible and how would you recommend seeking/setting up the private money deal? Any other suggestions/advice would be greatly appreciated!

-Just a kid from Akron

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