Has anyone here being successful at it?

MFR have a much higher success rate in New Jersey.  

Borrower Types: The Professional - HM Lender will cut sweet-heart deals to keep these borrowers around Experienced real estate investors Regularly engage in property transactions Typically have a track record of successful projects The Newbie - Charge Higher everything as the risk is higher as no experience Novice investors or first-time borrowers Limited experience in real estate Seeking to build their investment portfolio The Deadbeat - Only lend if the deal is so SWEET, they can't lose if they take the property from the Borrower Borrowers with poor credit history or financial difficulties High-risk borrowers May struggle to secure traditional financingThe lender will do an application on the deal/borrower and some standard docs they require are:Hard Money Application / ExperiencePurchase contractARV report – COMPS – See * Redfin*Pictures of Property – most people use Dropbox to shareProof of Funds – Down / Reserves (Bank Statements)Personal identification (ID or passport)But usually if the deal is sweet enough, they will do it anyway because if the deal goes south, there is so much equity/value in the property that the HM lender can't lose.

A ground-up construction loan for a new investor on some vacant land would also be a no-go as you must be able to show successful exits (refinance or sale) from a few projects before that's an option.So, we need to be able to see funds in your account that can cover the down payment, closing costs, and some reserves left over that will allow you to start your rehab.• No entity to close in: Though an LLC/entity is not a must-have, it's a nice-to-have prior to seeking financing.

The truth is, the odds of being successfully sued for more than your insurance will cover is ridiculously low.

Looking forward to networking with all of you and taking steps toward real estate success together. 

Can we hear from individuals who have experienced sustained success buying section 8 rentals while relying on entirely 3rd party service providers? 

well I'm certainly happy to hear of the early successes of those who chimed in.  

I'm 41 and have a successful career thus far in the Investment Banking space.

Hi Guenevere-You have $23K liquid and wonder if that is enough to start investing in OH with section 8 rentals and you are a full time property manager out of State.I would recommend having twice your downpayment in cash or equivalents, like a line of credit, for repairs and unforeseen expenses as a minimum.You want to have as much reserves as possible and agree with your focus on Section 8.To Your Success!