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HELP, I'm having a hard time finding partners to BRRRR with.
Greetings all,
Please I need help, so I'm having a hard time finding partners to BRRRR with considering that this is my first time fix and flip. Please do any of you have any connections to lenders who require less than 15-25%? Any suggestions and advice will be appreciated... Thank you all in advance!
Thank you
Quote from @Adjovi Commissaire:
Greetings all,
Please I need help, so I'm having a hard time finding partners to BRRRR with considering that this is my first time fix and flip. Please do any of you have any connections to lenders who require less than 15-25%? Any suggestions and advice will be appreciated... Thank you all in advance!
Thank you
I might be able to help you. I sent you a PM
Thank you, I just replied actually.
I believe most hard money lenders will require 10-15% down. If you need to find some hard money lenders click on the Network tab and click "Hard Money Lenders".
#1 All Forums Contributor
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Quote from @Adjovi Commissaire:
Greetings all,
Please I need help, so I'm having a hard time finding partners to BRRRR with considering that this is my first time fix and flip. Please do any of you have any connections to lenders who require less than 15-25%? Any suggestions and advice will be appreciated... Thank you all in advance!
Thank you
Bring on an equity partner would be your best bet. You get less on the deal but in grand scheme of things you will make out if you are good at what you do as after a deal or two you could move them out of equity and just do the private lending.
@Paul De Luca thank you so much sir, I will do just that. I have the 15-20% percent but right now, I'm building a 4plex so I need my money seasoned in order to close on it when it's done.
@Chris Seveney As far as partners, I am still looking and yeah I completely agree with you and thank you for your reply sir. I appreciate it.
In the last few months most fix and flip programs have moved to 20% down to borrower on 5 deals or less experience and only 15% down for 5+ deals experience and if you have 30+ deals in the last three years you can get 100% financing.
@Mike Klarman Oh OK, thank you, so I'm guessing it changed recently probably due to the economic crisis perhaps? I appreciate you for the information!
Well, the next 6 - 12 months in the housing market is a little bit of a question mark. Banks have lots of money tied up in short term value of real estate and many people think a dip is coming. So, the banks really wanna price out the barely investors. The ones that have barely enough to do a deal. because they really do not want to take back any houses. They price them out by shortening leverage and raising rates. That means borrowers need even more liquidity to get deals done.
@Mike Klarman OK that completely make sense which is understandable especially the fact that a lot of people are afraid of the unknown. Thank you so much for the detail replied, I truly appreciate it.
experience does play a factor but you should be able to get in for less than 25%. i have a great hard money lender that helped me get started with my first deal long ago...
@Ryan Deasy..... Yeah I have noticed that too and oh really? Nice, thank you for your reply and I will keep looking.
Hey Adjovi! I'm Arunabh, a new investor looking to invest in my first rental property in or near the NYC area. I saw that you were nearby, so I was wondering if you were interested in pooling our funds together along with some other investors who lack sufficient capital to make the best possible investments within this market. I have $185k in capital to start investing with and I'm currently working with two mentors who have over 40 years of combined investing experience and own thousands of properties.