My First Deal: Can you help Fam?

[Michael Argento]

Hey BP fam,

I have been given the opportunity to purchase a Rental Property (5bed 2 bath) from a Wholesaler @ 240k. in West End, Atlanta. Rental comps are 4000-5,500. I've estimated Gross Rental Income @ 4000, Annual Property Taxes are 2400. I've set 8% for Maintenance/Repairs, 10% for Cap X, & 10% for Property Management. With additional Insurance and other things (Garbage, flood insurance) at about 200 per month, this deal is coming in at a 27% CoC return. Which is great!! That is with a Traditional loan at @ 20% down.

My issue is I don't believe I will be eligible for a traditional loan. My credit is not bad (No previous loans, never held a Credit Card), I have no liabilities, nor any assets, so I don't see a bank loaning me 192k for a Mortgage. I understand Private Money or Hard Money Lending will be one of my options. I feel this deal is very good where the appreciation will rise greatly as West End is gentrifying at a very fast pace. The Cash Flow will depend on the loan I receive. I can also put down about 20k-30K of my own money for this property. Can you guys help me with some insight on Hard money/private loaning. I'm also concerned with my very unique credit, that they too will require more collateral/higher interest rates from me to issue the loan, which will most likely leave the CoC less than 2% I think it's best I seek a partner for this deal, someone who is eligible for a Traditional loan. How would you guys go about this for someone extremely motivated to succeed, with no track record or portfolio. You gotta start somewhere and this deal would be a great start for me.

Thanks for the advice in advance.