Emerging Markets/Leveraging Capital (New Investor)

Emerging Markets/Leveraging Capital (New Investor)

Real Estate Broker · New York, NY · Member since 2020 · 4 posts · 2 votes

Good Morning Bigger Pockets Family!

My name is Marquis, I’m 27 I currently work as a investment sales broker but I’m am more than excited to embark on my journey in becoming a real estate investor. My why is to create generational wealth for my family, retire in 15 years as well educate individuals on real estate and financial literacy. I am interested in small multi family deals, specifically in emerging/secondary markets. As of now I have been doing research on Cleveland, Ohio and Pittsburgh, PA. I have business plan and my approach towards these assets will be long term holds to generate both cash flow and maximize equity. So far I formulated a small team (painter, partner, and accountant) but unfortunately I am not the most handy person and will have to outsource most GC work. One of the main issues I am having is leveraging debt! With all the sales, real estate and business knowledge I may posses, leveraging debt has been difficult for me. I’ve wanted to go the route of a hard-money lender, but it has been difficult to find one. Maybe I am looking in the wrong places. I developed my own forecast sheet for potential deals, and I am willing to share any information that will help obtain debt for a project. If anyone could share some tips of finding a hard money lender it would be appreciated. Also, how can one leverage debt while fixing their credit? Pleas share any other emerging/secondary markets that may posses small multi family value add properties. Thank you!

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Rental Property Investor · Denver, CO · Member since 2018 · 46 posts · 48 votes
6y

Interesting you are having trouble finding a hard money lender... a year ago they were swarming around here sliding into every new member's DMs!

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  • Rental Property Investor · Denver, CO · Member since 2018 · 46 posts · 48 votes
    6y

    Interesting you are having trouble finding a hard money lender... a year ago they were swarming around here sliding into every new member's DMs!

  • Real Estate Broker · New York, NY · Member since 2020 · 4 posts · 2 votes
    6y

    Well, we are in unprecedented times. I assume that maybe one of the reasons why lenders are not swarming in DM's.

  • Real Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
    6y

    @Marquis Campbell Hi there! I just ran across your post. Have you had any success finding lenders yet? I am not familiar with the Pittsburgh market, but I may be able to help with Cleveland. I have recently spoken with a couple of hard money guys who are still lending. They do have minimums and the interest rates might be higher than normal due to current circumstances, but, they are lending! Feel free to shoot me a message if you want to try any of them out. Happy to share their contact information.

    E

  • Investor · HI · Member since 2017 · 328 posts · 124 votes
    6y

    Hey @Marquis Campbell, you're right, the pandemic has affected lending, but lending is starting to loosen up. I was just on the phone with some people looking to fund their projects.  All the best.

  • Real Estate Broker · New York, NY · Member since 2020 · 4 posts · 2 votes
    6y

    @Michael Ohara thanks Mike for your comment. My goal is that in 2021 I will purchase my first rental property! Let’s connect!

  • Investor · HI · Member since 2017 · 328 posts · 124 votes
    6y
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