Originally posted by @Jack Wiggins:
Thanks very much for the reply Josh! Really appreciate your advice and also it's good to relate to someone who isn't far off my age too.
If you don't mind me asking, how did you acquire your first deal in terms of the finance? Was it through the more traditional route of banks or private lenders? Because that's what I'm finding hard to get my head round being of such a 'young' age in the eyes of lenders.
I was thinking about getting started with the more traditional bank route, but after I've come up with a formula that's proven to generate (reliable and predictable) positive cash flow move into the sphere of investors.
The issue you'd run in to with traditional bank financing here in the US is your employment history is too short to properly underwrite your ability to repay the loan and thus you'd be declined. Using a non-traditional source of funding will be more lenient as long as your deal makes sense to them. Some call these 'Hard Money Loans' but the term is not as onerous as it sounds. Essentially a private party is willing to lend a % of the deal to you for a very short term, usually <1 year at a rate and terms that are fairly high. You get to do the deal and they make a decent return on the loan. You may also inquire if they'd be interested in joining you on your venture as a partner.
