How to find a Finance Partner?

[David Edwards]

HI All,

I am locking up a deal today: 2 homes that are on separate lots next to each other in Houston TX.

Each home is $210k including acquisition and rehab. I've heard that if you have a good deal then lock it up and you're find a way to complete it, ok, I'm locking it up, how can I complete?

Ideally I'd find a finance partner looking to hold a 3 year balloon note for $420k with a 30 year amortization and 8-10% interest, how do I find somebody like that?

Reason why I say it is a good deal has to do with the homes (Post Rehab they will appraise at $250k each) but mostly it's because of the business model I follow, rent by the room. I have a home with 8 bedrooms that I have >$5,000 a month in revenue come in from, after all costs including PITI, Management, funding maintenance, and utilities I pocket $2k a month, each of these two homes will perform just as well I can easily meet the note and set aside cash so a 3 year refinance absolutely works.

Thanks for guidance!

[Cody L.]

Originally posted by @David Edwards:

Thanks @Cody L. There are plenty around that I go to, however all are about 70% newbies. I need to break into a group of real doers.

-Dave

Funny, that's why I stopped going.  I bought a few properties on my own before hearing about different groups.  So as a newbie with only a few deals under my belt I went to a meetup.  I found out I was the only one there that had done deals.  I was like "Uh, where are the people I can ask questions of?"

People were asking me questions and I felt I had no idea what I was doing.