How do I get trusted partners? Are there any on Bigger Pockets?

Question

So I am college student in Pensacola and am wondering if there is anyone nearby who could give me some advice on the market down here.  I will need to have a hard money lender in order to purchase my first house but am not sure if the network place on bigger pockets is the way to go.  When I click on them they send me to a completely different website.  Are these lenders ok to use or just a list on here? ( I wish for it to be either a rental (for the cash flow) or a wholesale.)  Do any of you have any suggestions?

Korey Rademacher · Answer

Hi LeAnna.

If you have an investor friendly real estate agent working with you, he or she should be able to put you in touch with some hard money lenders. If you don't have someone, I'm a real estate agent in the Pensacola area and can help you out.

LeAnna Davis · Answer

Tchaka Owen, true, and I see the value in that, but because of certain reasons I am sort of on my own when it comes to that.  Again, most of the people I know (since I am a college student thousands of miles away from home) are other college students who have no better experience or finances than I do.  That is why I was hoping there is some way for someone who has basically no credentials to get in touch with someone who would be willing to either join up with me or give me advice on deals that I may have missed something on.  I would be more open to working for or helping someone who has some experience than the blind leading the blind so to speak. Do you know of people in the pensacola area who are looking for the opposite?  Someone to help them double check their work or even find the deals for them.  Ade O.  I will message you as well.

Tchaka Owen · Answer

@LeAnna Davis, what @Ade O. said above. I'll add family to his list as well. I've gone to my father several times. One of my best days of investing was about 13 years ago when I wrote him a check for $60,000 (he gave me $7500 a year and a half earlier and the deal matured). There's an added sense of satisfaction when you also make money for someone you like and trust.

Jeremy England · Answer

My advice is free so take it for what it is worth but ensure you have a good exit strategy in place before you buy.  That HML is going to come due and most if not all conventional banks are going to want that seasoning period done before they will refi you out of the HML.  But not only that, if you don't meet those income and credit requirements, they still won't refi you out.

Were I you?  I would focus on building my cash position, and perhaps working for another investor part time.

LeAnna Davis · Answer

Hey I just wanted to thank y'all for reaching out: Ade O.  Jeremy England, Korey Rademacher, and Tchaka Owen.

I am so excited I got a response.  These are real live people doing what I want to do and I think it is so cool!

LeAnna Davis · Answer

Tchaka Owen, true, and I see the value in that, but because of certain reasons I am sort of on my own when it comes to that.  Again, most of the people I know (since I am a college student thousands of miles away from home) are other college students who have no better experience or finances than I do.  That is why I was hoping there is some way for someone who has basically no credentials to get in touch with someone who would be willing to either join up with me or give me advice on deals that I may have missed something on.  I would be more open to working for or helping someone who has some experience than the blind leading the blind so to speak. Do you know of people in the pensacola area who are looking for the opposite?  Someone to help them double check their work or even find the deals for them.

LeAnna Davis · Answer

Again to both of you, I am trying to find a trusted partner to work with.  But I am brand new in the business.  How do I know that other businesses are credible??  It will take a leap of faith to do my first deal but if I have a credible partner or an investor who would allow me to work with them then I think it would be possible to secure a good deal.  Korey Rademacher, I do not have an investor friendly real estate agent working with me.  Thankyou for your offer.  What happens next?

LeAnna Davis · Answer

I would love that. I love everything I am learning and think I’m ready to take the next step. I’m practicing with the calculators.  But I don’t know much about getting a lender or how all that works. Although I have a job at my college ( Pensacola Christian College)  all that money goes toward school and I keep finding the words “being proof of income “. So I’m sort of confused at what to do next.  If that makes sense...?

How do I get trusted partners? Are there any on Bigger Pockets?

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