Turbulent start and I could use some outside help.

[Joshua Wilson]

I need some help from the community on recommendations.  As a new investory, finding funding has proven very tricky.  I've allowed myself to start analyzing some deals, but without getting funding it's very difficult.  Here's my situation...

According to the lenders I've talked too, my house hack 3.5 years ago isn't considerable as experience because of time.  So I'm essentially a vanilla slate.  I'm about half way through my course for my RE license, and I've found a broker who I am going to mentor with/work for.  My goals are to be an investor "part time" and maintain my full time job.  I'm in pursuit of Buy and Hold cash flowing properties.  We have two exit strategies.  The first is the most realistic, we will liquidate properties through retirement, and whatever is left hand down to our kids, or sell off and leave it for inheritance.  The second is our lofty dream.  We want to liquidate down the road, and use the money to buy an apartment/condo building with a decent view and renovate the entire top floor to be where we live.  I want a spot where I can stand and have a 360 degree panoramic view of the outside, as well as a roof top deck for entertaining.  To reach these goals I need a few things.

I need a lender who works with new investors.  I have $5k in available cash, $20k in available credit, a very respectable salary, a credit score floating around 800, and no debt but a car and house payment.  I felt pretty confident in my wife and I's situation since people somehow do it with next to nothing, but this apparently isn't enough for investment lenders.  Do you know a lender willing to work with these conditions, or can you recommend less obvious ways to better prepare myself or my pitch?

My farm area is South East of Tampa. Brandon, Riverview, Apollo Beach, Sun City Center, etc... I'm looking for Wholesalers working that area, but I'm open to other areas if they meet my requirements. I'm after SFR or Duplexes, 2/1 minimum per unit, that are likely distressed. I wish I could find financing for something turn key to get the ball rolling(Don't we all though...) but I'm mostly concerned that it's not condemned.

With these two things I imagine I'll be well on my way, and then can pursue the other pieces of the puzzle as they come into focus.

As a separate question... I've noticed prices are starting to get up to the 2006-2007 time frame.  Has anyone moved past concerned and into worried yet?

Thank you all!

[Marty True]

@Joshua Wilson Trust me, I understand how you're feeling. I do think that you need to try and come up with more than the $5k to work with however, if you are really wanting to do something right now and that is all you have to play with, then the one strategy I would suggest is to find an off-market deal with a highly motivated seller and no mortgage on the property. If you are willing to put in the work that it takes to find those kind of deals, you could get a deal done for what you have to work with now.

I actually have a specific and very targeted sub-strategy for just those kind of deals - "Your Price Our Terms" (we even built a website just for this strategy). Some deals are fantastic deals, not because you get it for a "steal" of a price but because you got it on amazing terms.

Find a $100k property with a motivated seller; with no mortgage; and offer them their asking price. Tell them you'll pay their asking price and that they won't have any realtor fees to pay, there won't be any repairs needed, they won't have to deal with appraisals, etc. Offer 5% down payment and seller financing for 24 months, at 7%. Then let him know that he will actually make more than his asking price because of the interest. You will cash them out after 24 months with a refi (assuming you have or can create enough equity for a 70-75% LTV loan in 2 years time).

Hope this helps! There are deals out there for any situation, just remember... the easier you need it to be, the harder you'll need to work for it.