Taking the first step

[Van Wade]

Hello all I am new to real estate investing. I’ve been self educating myself for a year now and I feel it’s time to start making multiple offers so I can secure my first deal. My exit strategy would first be flip and second like most a Brrr. I plan on using OPM as much as possible seeing I have about 10k of my own cash. I’ve started initial conversations and relationships with hard money lenders as well as a few private lenders, I also started a llc and understand how to properly analyze properties and present them to lenders. I guess my fear is not securing the loans once under contract. Are they penalties for backing out? Also I haven’t lined up contractors is it a bad thing to do that once under contract (I am a electrician so I understand a little about contractors I would think). Any help is greatly appreciated. Thanks