Originally posted by Jeff Linder:
Peter, Thanks for taking the time to write that. I appreciate it. So, if they are looking at the deal, my experience and my financial health.....and I haven't done a deal yet, and my personal financial picture is bad...how do I start? That seems to be my biggest, if not one and only, hurdle in trying to find funding. I can paint a picture of myself with a website, a "flyer" of sorts, explaining who I am and why someone would lend with me, etc etc. But in reality, I am a novice looking for my first deal with no money or credit.
As a new player most if not all lenders are going to want you to have some money in the deal. You have self proclaimed that you do not have experience and you do not yet have your first deal. This will cause most to shy away from funding you.
It is admirable that you wish to jump in - are you confident that you can identify a deal? You are starting correctly by asking at this forum - there is a wealth of information to be found.
You asked about presenting the deal to the lender - the first question to ask is what is the criteria for lending from your prospective lender. If you are to approach a lender to borrow then you want to know there basic criteria in order to know if your deal "fits". Different lenders have different ways at looking at a deal - but most are going to want you to have some money.
Have you considered wholesaling or bird dogging for investors in order to learn not only to be certain of how to identify a deal but also to make some money - and then take this earned money putting deals together to strengthen your case to your lender - showing both the ability to identify a deal as well as have some of your own money to put "on the line" also?
