First Investment Property

[Andrew Fisher]

Good Evening BP,

Long time browser, first time poster. I have been doing my research for about 6 months and have been mildly obsessed with real estate since it bit me about 8 months ago. I have bought and read all the books on BP in regards to the path I wanted to take. There is a house down the street from me in Virginia Beach that would be a prime BRRRR Investment property. It's been on the market for 230 days, it's assessed for 245, comps in the area go for 290 and they only want 175 for it. If I could pick it up for 160-165 that would be ideal. I have a network in place for a rehab team, my wife is a real estate agent. I am just wondering how everyone finances their first deal? Is hard money worth the cost? Will a portfolio lender lend the repair costs? Is anyone in the Virginia Beach area that could point me in the right direction? Thank you all for your time.

[Patti Robertson]

I'm looking in MLS and don't see any houses that meet this description. Are you sure it's listed with no contingencies? Very few people are using traditional hard money lenders these days because the institutional lenders are cheaper and offer much better term options. Have you looked at some of the lenders such as Lima or Lending One?