Beginner Financing help and feedback, what should i do?

2 Replies

Hi all,

Just want to say in advance thank you for reading my post and any help or feedback you can lend! 

My name is Sherwin Vargas, I will in the Boston Area. I am currently working full-time have just graduated college with about 60k in debt and a credit score in the mid 600s. I would like to have a property fixed and sold, or used for rental income by december 2014 or january 2015. I am focusing on single family and multifamily homes. I am hoping to have marketing materials made and sent out for early september. 

My biggest hurdle right now is financing. I have read a lot about rentals and flipping and I feel at this point a move is necessary for me to actually apply what I have learned and instead learn from experience. I work nights and have been having trouble starting because I feel like most people would just brush me off ( also another reason i don't have a mentor yet). I have not made any connections in the real estate industry here in Boston ( hopefully this will help), 


With my debt and credit score a traditional mortgage just feels impossible for me. I feel it would have to jump through so many unnecessary hoops for a denial. My idea was to go to family ( a group of entrepreneurs). They have the money but are hesitant to hand it over for investments that they don't understand. I would like some help as to how to present to them the benefits and possibilities of investing not only with me but in me. Also what I should offer then for the investing ( offer 50/50 split, or an interest earned in their money, or something else).

I would also like some feedback on the best way to have this presented and if it should be informal or formal. I graduated with a degree in accounting and understand more of the business education while they have only learned from experience, should I also use this as a selling point. I do work for these entrepreneurs and they will be helping me start my own business in the near future that is not investing.

I have big goals and dreams and graduated college two months ago and feel I am already behind on them. 

I plan to have my financing all squared away before even looking at properties to narrow down the results to affordable ones. I do have access to the MLS system through an aunt who has just gained access to it but I would like to send her strict parameters of what I am looking for.

Thank you for your listening, 

Sherwin Vargas 

Hi @Sherwin Vargas  

Welcome to BP.  Can you find a friend with good credit to partner up with for your first deal? Maybe that will help with establishing a track record.


Hey andrew,

Yes I do have one I was asking for some pointers on how to present the material and what type of interest to offer them or if a 50/50 split is better

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