Purchasing 1st Property Seeking FL HML for 100% Financing

12 Replies

This will be my first deal & I'm seeking to develop a long term relationship with a True HML. I want to fix & flip at least one house this year & double that next year. High interest and points is okay with me as long as the funding is there & of course the deal permits it. I currently work for a National Asset Management Organization that specializes in preserving properties, so I'm not new to the industry.

@Ed LeGrand Good morning, I'm not under any time crunch. I have several distressed properties that I am interested in, but I don't want to make offers without some proof of funds. Giving my current occupation I have people in my network that give me access to these properties that are not easily accessible to the average investor. I do understand that 100% financing isn't readily available to me due to my lack of experience, but I'm hoping to find someone that will give me a chance.

Originally posted by @Steven Mason :

This will be my first deal & I'm seeking to develop a long term relationship with a True HML. I want to fix & flip at least one house this year & double that next year. High interest and points is okay with me as long as the funding is there & of course the deal permits it. I currently work for a National Asset Management Organization that specializes in preserving properties, so I'm not new to the industry.

 Steven

Have you thought of partnering with someone that has experience flipping and has some skin in the game?  100% financing with no experience is very expensive.

Stephanie

I'm working on getting my first flip in Tampa as well.  I found a property, just working on the finances too! I have about 3 scenarios to obtain it, but getting homeowners insurance on it with older electrical, etc is a real pain right now. I am hoping to just pay higher premium to get it, then have it lowered after some updates...if the ins people would just respond...sheesh

I need to hit you guys up when I drive back down there.  I will need contacts for electrical, plumbing, etc.     People who will actually show up to get it done and not be arguing with their girlfriends on phone, smoking dope, etc...Bahahaha!!!  Good help is hard to find!  Honesty is even harder!   @Steven Mason &  @Brandon M.

Even at 100% financing you are likely going to have to front repair costs and be paid back upon completion. Can you cover that or are you needing rehab funds day 1?