Seeking a Private or Hard Money Lender and or a partner
Hello everyone, I'm a newbie and I'm hoping to get my first deal under my belt. I had located a REO and I think its a good deal. I want to get a GC out to the property and a Mold mitigation company. The first question that was asked of me was my proof of funds. That I dont have so I'm seeking someone to partner with on this property or a Lender for the full purchase and Rehab Cost. No I havent place the property under contract so yes I know I dont have it, ( because of not having proof of funds). Need some advice and or suggestions. Im in the process of forming my LLC as we speak. I've got the PDF through BP calculator. It's a flip. A great Mentor will be wonderful to split procceds with while I learn on this project or potential project.
Even lenders who would fund 100% of the purchase and rehab costs would require you to pay for the closing costs, origination fee and any other 3rd party costs (IE Appraisal and legal fees) Is this something that you can handle?
Also would you be able to show enough cash in reserves to make the Interest only payments for 6 months?
Also the all in costs shouldn't surpass around 65% of the ARV
100% funding with lenders almost never means $0 out of pocket
Tarik thanks for the input. I do have 10K to put towards this but that’s where I’m maxed as far as cash. Some Reno I might be able to place on CC
