Looking for REI / Hard Money Mentor in Cincinnati
I am looking for a mentor to help my partner and I guide us through real estate investment acquisitions and hard money lending borrowers. I am encountering roadblocks when it comes to our credit score (mine is good / his is crap), experience with flipping (I have no experience / he has 22 years of flipping experience) and the amount of cash liquidity that some of the hard money lenders want is still on the high end especially starting out. I know that a lot of hard money lenders will fund 85%-90% of purchase price with 100% rehab cost on draws. With all that said after closing costs, origination / underwriting fees, etc. if seem very difficult to get things moving along. I am open to detailed approaches to navigate funding.
A little back story on our company is that we are a real estate investment company and we are currently working with several VC's to secure funding. Due to our company being newer formed back in August of 2023 we have no history with any projects. My business partner has completed many projects under previous companies he formed until he sold them a while back. I know many are going to ask but the sale of his previous companies are still tied up in the sale agreement for him to invest in the company he sold to. We have a handler that is speaking to the 5 prospective VC's, but they most definitely are going to want to see projects under the new company which at this point we have more or less started.
Our first goal is to acquire funding so we can start our first project.