New member in MD

[Tamara V.]

Hello!

My name is Tamara and I am new to real estate investment. In the past I have been a realtor as well as a landlord for the last 10 years. Now I'm looking to buy, fix and resell properties in the DC metro area. My focus is single family homes and single family homes that can be converted into condos.

Currently I am trying to figure out how to buy properties at wholesale as well as how to get my first project financed. So far I've been told my projects are too small and another lender has a ton of hoops for me to jump through. If I have to jump those hoops, I will because I'm trying to use hard money only as a last resort (rates are high 10-15%). Any advice out there for a newbie on how to buy properties at the lowest price and how to secure financing would be greatly appreciated.

Finally, I'm really excited to be part of such a vibrant community of real estate minded people. I find it energizing and that helps to keep me energized as well! I'm looking forward to being a part of the BP community.

Tamara

[Ned Carey]

Welcome to BP @Tamara V. 

Hard money is expensive but if it helps you do a profitable deal that you can't get done otherwise, it still makes sense. You  need to simply figure the cost of hard money  into your deal evaluation when you make your offers to buy. 

Would you consider doing a partnership with a silent money partner? If you would keep in mind that giving a money partner 50% of a deal is probably more expensive than hard money.