Lending Options for First Investment Property

[Sean Sullivan]

Hi Everyone! I am flushing out options for getting financing for my first BRRR property and was curious about other lending options for first time investors besides Hard Money Lenders and an all out cash buy. Was wondering if the community would elaborate on how they procured their first deal and what considerations/lessons learned they came up with particularly on the finance side. Any input is greatly appreciated and thank you!

[Ronald Isgate]

Definitely start first by calling around the local banks and credit unions first.  While alot are not lending, many still are.  Exhaust those options first before you go the hard money route.  Getting a relationship started with a local/regional bank can go a long way in building your portfolio in the future.  I represent alot of hard money lenders, and the first thing I always ask potential borrowers is if they inquired into all the traditional/mainstream options.