New. Prepared. And Ready!

[Shannon K.]

Hi everyone! This is my first post here, but I’ve been lurking for months! I’m a female entrepreneur (small biz owner), professional athlete, MBA in Finance & Marketing getting ready to make a move into real estate investing. I’ve transitioned myself out of daily operations at my small biz and have discontinued my med school education as I am rather certain I no longer want to be an Orthopedic Surgeon (much to everyone’s shock & surprise!!)...

I’ve spent the last few months reading books, analyzing my market, watching trends, creating spreadsheets, mock budgets, estimating financials, doing calculations, designing rooms via SketchUp Pro, networking with suppliers, and vetting hard money lenders. My planning and organizational skills are top-notch and I feel very well prepared to purchase a property.

I have a partner who currently works in the fix-n-flip industry for a real estate firm here, and he completes all aspects of repair and renovation on a daily basis. We are only interested in fix-and-flips at this time and not landlording. I have a property we’re going to view again on Sunday that I’m nervous and excited about! This venture will receive 100% of our time and attention as this will be his/our full-time obligation and only employment the minute I secure a hard money loan. (I’ve already socked away enough money for us to live on in the meanwhile).

I also have $15,000 of my own cash to put into our first deal. Good credit score, only student loan debt, but not much credit either. Neither of us have ever used credit cards in our life. Not sure how this is viewed by lenders…

The main problem is… I've been researching HML for months! I keep adding more and more to my list and never selecting one! I've literally researched hundreds and I'm not normally indecisive, but none of them are "jumping off the page" at me making me take the next steps to contact them. I'd like to begin contacting some to secure financing/pre-approval letter for this potential property and I have a 10-page .pdf proposal ready to go for this property containing the financials/our experience/comps/pics all detailed for the HML. I have no private-equity contacts at this time and I know HML is expensive, but I've already factored that into my financials for this property. I need to narrow it down and choose a lender! The property is being sold as cash only/HML. Any advice/comments are appreciated! Thank you all.