All Forum Posts by: Cesar Esperat Jr

Hello everyone. I am a beginner, wannabe real estate investor. I have lots of education but have yet to do my very first deal. Needless to say I am very much wet behind the ears and do not know what I am doing beyond reading REI books. I also do not have any capital of my own to invest nor do I know of anyone in my social circle who has the monies I need to do my first fix-and-flip. I was thinking of partnering with a hard money lender but since I have no capital of my own I don't have the resources to pay for the HML in the interim between acquiring a property and finally selling it at closing. Practically speaking, I will need a financier who will front the monies I need to do the fix-and-flip 100%. In exchange I will do all the grunt work and upon sale of the property repay the loan plus 10% interest plus majority of the profits from the sale. All I ask is to get at least $5k from the whole deal no questions asked. I am willing to do this so I can gain the practical experience, build some capital and establish my LLC. In other words, I just want to get started. However, I am hard pressed to believe that anyone would be willing to do it. But then again I don't know if that is in fact the case as I have yet to foray into the real world of REI. I do recognize this is a huge risk for the hard money lender. So, is what I am hoping to be able to do realistic at all? If not, how then can I get started? I have lots of student loans from graduate school and have no DTI ratio to leverage. Financially I have no "skin in the game" that I can bring to the table except my work ethic, intelligence and integrity of character. Any information or guidance you can give me will be greatly appreciated.

Thank you. Looking forward to it. 

Hi everyone! Thank you for the very warm welcome! This is a lot of information to sort through. But, to be sure, I am seriously reflecting on all your suggestions and recommendations. I do realize that somehow I have got to demonstrate to those whom I look to for funding my deals that I have got some "skin in the game" as should be the case. How I wish that I had enough saved for a down payment. Unfortunately, I am caring for an ailing mother and sister stricken with ALS ergo my sense of urgency. With that being said, I was wondering if a seller would be willing to "finance" the down payment on a multifamily rental property since most traditional lenders will only finance between 70 to 80%. Do you guys think this is a worthwhile proposal to a seller? And if so, what interest rate and for what duration should I propose he/she finance the down payment is reasonable to make it worthwhile for him/her so that the numbers work for me as well work cash-flow-wise? Thanks again. 

Hi everyone. My name is Cesar. I am a counselor/ therapist by profession specializing in addictions and very new to real estate investing. I live in the Hampton Roads/Tidewater area of Southeastern Virginia specifically Virginia Beach, VA. I am looking to do my real estate investing business here in my local community. I am interested in learning more about real estate investing but am especially interested in learning more about creative funding to rehab and acquire single family and multi family rental properties. Given that I am a beginner I hardly know anyone who is in a financial position to be a private lender when I need one to fund my deals. I am hoping that my joining the Biggerpockets community will enable me to create the marketing and investing network I will need for my business to succeed.