Hi I am new to this forum. I have a property under contract in Texas of which I am looking for advise as to how I could find someone who may want to partner with me or the best way to source financing.
If you're wanting private money, you'll have to have a deal overview ready for review.
1. How many successful deals have you done?
2. What are the deal numbers?
3. What exactly are you looking for (purchase funds, rehab funds, etc)?
4. Will the money partner also be on title or just loan docs?
If you're looking for hard money, there is no shortage of them available online (FaceBook, Linked-In) in assorted REI Groups but you will certainly want to use someone local.
Hello guys! I am also a fairly new REI and am interested in finding sources for potential deals here in the Houston area. Private money lenders would be ideal. @Guy Gimenez thanks for the post reply. Question - are you implying from your response that most private lenders would be more inclined to fund my deals based on my previous projects? What of cases where it is the first deal?
Thanks Guy for your response, answers to questions below:
1. I have not been able to complete a deal as of yet for flipping but I have I have 2 rentals in the city I live in. I am outside of Houston but have most of my contacts in Houston.
2. Unfortunately the house I have under contract I had to terminate as my contractor got back to me with the figures not worth it for the purchase price with how much the rehab will cost.
3. I am looking for a private lender or really more partner on the project per project bases to have the purchase plus rehab funds and I will do the work we split the profits as I said first flip for us so split could be, 60 Private lender/40 Doghouse Homes negotiable. If you think that is a way to do it?
4. Money partner would be on title if they want.
Yes I have been able to have a hard money lender willing to come to the table covering 70% of ARV but I still needed more money than I had to close so the deal fell through it looks like hard money lenders are easier to find.
If you need more than 70-75% ARV to complete a deal, you are not leaving yourself with enough margin to make a decent profit if something goes south in a hurry. I learned this the hard way starting out.
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