Hard Money 1st Deal
Hello Bp,
First, I would like to say it's truly a pleasure being a part of the BP Family. Bp has really provided inspiration for me to get out and make a deal happen in real estate. My name is Melvin Rose and I'm a realtor in Central Virginia. Lately, I've come across amazing deals in my area and would love to invest. My only problem... Funding.
For Example, there's a property located in my area with a listing amount of 50,000. I can negotiate the deal and more than likely purchase the property between 42k - 45k. I will also save money on commission for being a realtor. Next, I've had numerous contractors at the property stating my rehab cost is around 15k. The assessed value of the property is around 120,000.
The comps are golden. There's a renovated property on the next street, which was listed for for 139,000, and sold for 154,000. The house was on the market for less than 2 months before being sold. I would more than likely use the same approach. I would also list the investment property between 135k-139k. Oh, I forgot to mention the property has 5 bdrms and about 2,100 sq feet. I can do a lot with this property include sell it myself which also saves money from hiring a realtor.
My only issue is funding. I have a fabulous deal and no one to partner with. Bp please do not mention parents or family, I'm on my own with this one. My parents nor family have the means to fund my real estate dreams(I can't just run to mommy and daddy). I would love to do a hard money loan, but all hard money lenders want you to have some skin in the game. I have some but I don't believe I have enough. I really want to stay away from running my credit or grabbing a loan (Engaged and ready to buy my 1st house).
I would love to do this deal and future deals just need a start.
BP any suggestions?
BTW Josh and Brandon you guys are awesome. Listen to the podcast all the time.
Thanks,
Melvin