Real estate investing 101.Hard money lenders usually lend 65-75% of the project cost, charge 12-14% and 2 points for origination. 12% fees is a huge red flag, the only you'll get from "Midwest Corporate Credit" is an ulcer from the stress of losing $7,200.Raising $60,000 isn't too difficult, if you talk with friends and family and maybe a real estate attorney or two you should be able to raise it.

Been thinking about possibly making this home our first fix/flip project.

Achieving economies of scale may best be attained through volume, but learning how to do it on a small scale will pay generous dividends later; pitching the concept to investors will be much easier when you can show concrete results, and extrapolate from those results instead of being forced to rely solely on projections from a concept.

Hi all,I'm still scouting for my first deal, and I came across a commercial multifamily (7 units + 2 stores) that is out of state (NY, I'm in CA) that looks promising.The basic numbers are:Asking price:  300kCurrently leased, bringing in 74k per yearTaxes:  8,600, but assuming 10k.I'm assuming this needs to be a commercial loan, which brings me to my first road-block - my down payment ability is limited to about 30k (I have an IRA with 60k in it that I can borrow up to 50% of).What sort of things should I be on the lookout for with this type of property (assuming I'm able to surmount the down-payment problem)?  

I have been having trouble locating favorable refinance rates on my projects.

You may want to find out if this is DIY projects (and how much experience they have) or professionally done.  

I are on our 50th project.  

If it fails, then you both owe the debt of that project and any associated fees.

So, if I were you I would find someone you are interested in partnering with that has experience in the day to day of managing properties they own.Now, if they bring the experience, and are basically the reason the deal will be able to happen, they are going to want you to bring something to the table.  

It is pretty easy to learn the basics.