Note: I'm not asking for a lender, I'm just asking if a lender would lend to an 18 year old under certain circumstances
Bank type or private investors (I would most likely need to find a private investor or a group of them)
Say I was 18, found a home with a market value of 100k. Say I got it under contract for 60k due to extenuating circumstances (maybe pre foreclosure, short sale, etc)
If I needed to fix it up, or something similar, and if I presented a good case to one of these people, would they lend me money if it seemed like a promising investment?
@Robert Afoa Hard money lenders care more about: Credit history, Income, and experience. If you have a decent fico with no experience you should be able to get funding. Especially if the deal is good.
Hope this help
I would say that there is only one way to know for sure - ask as many private lenders as you can find. Thin about it, what do you have to lose?
Biz Plan is a must, be sure to include your team of professionals to show that even though you are young, you have a team of professionals behind you. Realtor, CPA, Insurance agent, Attorney, Mentor/Coach/Partner.
If you have a good deal why not? Some may be reluctant but they care more about the deal and the person as opposed to just the age.
Ask Your family. They know you and probably like you.
I backed my sons in a bussiness when the oldest one was 19 years old and never regretted a cent of it. After one or two false starts they each made out very well in the bussiness world.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.