The Struggle of the Second Deal
Disclaimer: I know this topic is brought up often in the forums, however, I would enjoy being able to talk through my personal situation with anyone who can offer advice!
I closed on my first deal early in June (woo!). All is well, and I want to start the process of deal #2. I'm struggling to figure out how I'll be able to pull the cash together to do the deal. I have reached out to a couple of hard money lenders (I'm not sure I'd really want to go this route anyway, unless I found a once in a lifetime deal), and they either don't respond at all or I have gotten responses that they require that I have $25k - $30k cash to invest. I have no equity in my first property since I just closed early last month, so I think a HELOC is out of the question and obviously I am in no position to refinance.
Any suggestions?
Most Popular Reply
Exactly right.
Go to your local meetups or search on BP. Take 5-10 people out to coffee/lunch from your local meet up every week.
You'll be amazed at how fast your network increases.