Recommendations For Financing Strategies

[Charles Kappe]

I was just looking for some tips or different Financing strategies that other members here have used. I am on the market for my first property to get my feet wet in the real estate investing world. I am working with an agent who is also my partner ( to save the commissions). Starting on my first property and being 21 it has been difficult to get an fha, 203k, conventional financing from a typical bank, a 700 credit score, but not much reserves or savings to get approved for the loan has been a headache. Due to my lack of experience in the real estate industry it's been a struggle to get private money lenders or hard money lenders to get my first deal off the ground. I am actually attending my first DIG meeting tonight in my area and hoping that networking will point me in the right direction. But I was wondering if anyone from the site could give their experience on their first deal. I work for a regional property preservation company so I have been learning the side of HUD, REO's and foreclosures. I walk through properties daily to bid out the repair or rehab work. I work closely with sub-contractors for all work. I have an agent to find the deals. It's not about funding the property and rehab costs.

How did you finance your first deal? Private money, hard money, Conventional loan? How did you become appealing to a lender with this being your first property and no background to prove reliability? Did you partner with someone more experienced?

Or anyone from Montgomery county, PA area that is experienced in house flipping or buy and hold properties that I'd be able to talk to. ( I don't want to wholesale properties, not my cup of tea.)

Thank you,

Charles Kappe