Our First Flip! We Have Questions About Funding!

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Our First Flip! We Have Questions About Funding!

Real Estate Investors · Springfield Gardens, NY · Member since 2015 · 15 posts · 0 votes

Hello BP Community!

I'm here once again to pick the brilliant minds of Bigger Pockets professionals!

So we've finally found our first flip (we actually put in an offer on two houses that have great profit potential)

We have our team ready (attorney, contractor, accountant, etc) but we've been shopping around and can't seem to find the perfect lender. (perfect for our situation that is.)

We both are currently not working and formed our own LLC and have been dedicated to Real Estate.

We have about $15K in our bank account from wholesaling and are looking for a HML or Private Lender that doesn't require any down payment.

We unfortunately don't have the resources most people do such as friends or family to lend from.

Here's the specs of our deal: (Our deal is in NJ.)

Purchase: $80K; Reno: $45K; ARV: $220K

Do any of you happen to know a private lender or HML that don't require a down payment?

I look forward to hearing from you all!

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  • Lender · Los Angeles, CA · Member since 2015 · 800 posts · 229 votes
    10y

    @Shana Patrick I believe i can help you but I will need more details. Please contact me at the below information and email me more details so we can look everything over and contact you. I am here to help.

    -Steve

  • Real Estate Agent · Glendale, CA · Member since 2015 · 3 posts · 0 votes
    10y

    @Shana Patrick Hi Shana, I am very curious to see how this works out for you, sounds like you are off to a great start! Please keep us posted.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Shana Patrick I think you will find it very difficult to find a seasoned HML that will make a loan for you given those circumstances.

    my suggestion is you start rounding up Equity partners. so you don't have to rely on loans at all. pay cash be strong with all cash offers... no debt service everyone makes money when it closes etc etc.

    Good luck with it...

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