All Forum Posts by: Shannon Conklin

Great ideas Jennifer

Hi Everyone.

This is my first post on BP so please excuse any protocol breaches I may make. My wife and I are looking for our first deal and after months of looking we found one that we love. Its a side by side duplex that needs quite a bit of work. Electrical, siding, kitchens some HVAC and windows. My wife and I actually contracted our first house and completely rehabbed our current one and we have a good contractor lined up for work we dont want to do (heavy electrical, siding etc) but we do not have an REI portfolio yet. We are considered newbies. We have cash for the property and had a local hard money lender that we met at a local meet up . When he heard that it was a 20 -30k purchase and 60-70 rehab he was out. I totally understand the risk aversion and I will do business with him in the future. His company would prefer a 40k purchase and a 10-20k rehab for newbies and i understand that. My question is , do you guys and gals think I can find a good lender on that property or should we just let it go and chalk it up to the disadvantage of being too green for lenders.

Any other suggestions would be greatly appreciated!

Thanks in advance

Shan

I am finally getting into REI full time as i have wanted to for 15 years. I am looking for other newbies or experienced investors who may not prefer to go it alone but cant wait to get going.. I have some remod experience, little cash a ton of tools, a truck and good credit. Its kind of spooky throwing this out there on bigger pockets but I have heard great things about the connections made here. at the very least it would be good to meet others doing the same thing in the Aurora,Solon,Bedford,Twinsburg,warrensville Heights etc......

Im pretty new here so please feel free to connect with me or share your advice or story.