All Forum Posts by: Brian Pena

@Tracey Thank you very much ! Best wishes to you as well.

@JScott Thank you for your insight. That might be the only option on the table for me. Information and experience is priceless. I suppose I will start the pitch to my stepdad. Gotta do what you gotta do.

Thanks to everyone who replied!

@JScott thank you for the brutal honesty. Takes that to get some people straight..In all fairness, I believed him just to be "Someone In Construction" Before I sat down and had a conversation about REI with him one day. Which happened to be after I had spent all that money trying to educate myself.

@MichaelD, Thank you for your feedback as well. I would like to think I add a lot to the project. Sorry I didn't specify before but I have marketing in place that has been driving in a good amount of non-listed leads for me. The problem is the finances to act upon these leads.

@Bill Thank you for the personal insight. My relationship with him has never been very strong, but he respects any man trying to make something of himself, and he loves to see me venturing into something he has devoted to for quite some time.

After bringing certain things to light it sounds like I was having a problem swallowing my ego. I suppose I should have him on my side until I learn the ropes my self. He has no problem helping me when needed but he does run a full time business and is quite busy, so I still need to find some of these things out for myself.

That being said, the difference between me and my stepfather is that he has plenty of out of pocket funds for his own deals and has not needed unconventional financing for over 20 years. So trusting him as my mentor through the rehab should be a great thing for me but that does not get me funding for the deal.

so my end question is; Is there a proven way as a first time rehabber/investor to get your foot through the door with financiers? I'm sorry if i sound confusing to some of you seasoned investors. All in all, I am looking for a way to dive in head first and get something going but I can not do so without the proper financial backing. Even if I have the right people to overlook my project.

Thank you to everyone for the feedback. You really are helping. Just shows how great of a resource BP truly is.

@Valon
I paid for courses through the likes of Investors including Than Merril and Robert Kiyosaki's "Rich Dad's investing course" etc... I have also read well over 15-20 REI related books from a variety of authors. All of which have taught me something new. None of them taught me quite as much as the connections I made from my Local REI clubs have.

All in all, I have invested a hefty sum to educate myself on the REI business.

Bill-

First off i'd like to say thank you for your response and advice.

To answer your questions. I was fortunate enough to meet with some great people who have taught me most of what I know today. Through agressive networking I met a great lady who has been somewhat of a mentor for me and will be walking me through my first few deals. I am at the REI clubs as much as I can be. In my town that is every 3rd thursday of the month to network and learn what I can. My stepfather has over 25 years of experience in Fix and Flips and REI in general, but I would like to experience things myself rather then have him hold my hand through every move I make. Although I feel quite lucky to have some great connections that I believe most people do not start off with.

In terms of "aligning mutual interest" I only have 10k -+ to put up on my side. Is there such thing as private lenders becoming a funding source in exchange for a higher interest rate or maybe even a profit stake in the project even if we dont "align mutual interest". As long as the project looks promising. I am not looking to hit a homerun but more to finally get my foot through the door and get the ball moving.

Thank you and any reply is much appreciated.

Like the title says, I am lookin for help to gain financing for my first REI deal. I have taken the last year or so to educate myself enough to start my business up, but as many of you probably know better then I do, you can only learn so much before experience has to teach its lessons.

My step father runs a general contracting business so I have the connections to get a great price on a fix and flip.

I am not sure how the private lender world works and I don't want to scare off potential investors/lenders by nt structuring my deals correctly.

Any help at all would be appreciated. I have much to learn.