I need 100% purchase price and 100% rehab funding

Raleigh, North CarolinaWantProfessionalsLender
Classifieds
2yFollow

I need 100% purchase price and 100% rehab funding

Abdel Bah
Hartford, CT · Member since 2023 · 10 posts · 2 votes

I know this might be a reach, but does anyone know of someone (private/hard money lender) that can fund my fix & flips? I am considering both fix and flip, and BRRR. I am mainly interested in Raleigh, NC and one hour radius of Raleigh; but I am also interested in the CT market

I have recently (4 months ago) closed on my first investment, a triplex. Now, I am looking to start doing fix and flips but I don't have the funds for it. I am a fulltime mechanical engineer and I have a consistent W2, I also have a great credit score. I just don't have enough funding to start since I've only been in the workforce for 1.5 years (straight out of college in 2022). Thank you all in advance!

2Reply
33 views

Most Popular Reply

Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
2y

if you have equity in your tri plex you might get someone to do a cross collateral loan.

other wise try to find a partner to get started. 

Podcast Guest on Show #222
JLH Capital Partners51 Review
WebsiteView Page
2Reply
See this reply in the discussion

14 Replies

Jump to latestLatest
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    2y

    if you have equity in your tri plex you might get someone to do a cross collateral loan.

    other wise try to find a partner to get started. 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 675 votes
    2y
    Quote from @Abdel Bah:

    I know this might be a reach, but does anyone know of someone (private/hard money lender) that can fund my fix & flips? I am considering both fix and flip, and BRRR. I am mainly interested in Raleigh, NC and one hour radius of Raleigh; but I am also interested in the CT market

    I have recently (4 months ago) closed on my first investment, a triplex. Now, I am looking to start doing fix and flips but I don't have the funds for it. I am a fulltime mechanical engineer and I have a consistent W2, I also have a great credit score. I just don't have enough funding to start since I've only been in the workforce for 1.5 years (straight out of college in 2022). Thank you all in advance!

    Hi Abdei, happy to connect with you I’m in CT as well. Happy to chat more on this.
    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
    WebsiteView Page
    0Reply
  • John McDonald
    Member since 2023 · 158 posts · 96 votes
    2y
    Quote from @Abdel Bah:

    I know this might be a reach, but does anyone know of someone (private/hard money lender) that can fund my fix & flips? I am considering both fix and flip, and BRRR. I am mainly interested in Raleigh, NC and one hour radius of Raleigh; but I am also interested in the CT market

    I have recently (4 months ago) closed on my first investment, a triplex. Now, I am looking to start doing fix and flips but I don't have the funds for it. I am a fulltime mechanical engineer and I have a consistent W2, I also have a great credit score. I just don't have enough funding to start since I've only been in the workforce for 1.5 years (straight out of college in 2022). Thank you all in advance!

    100% is a tough ask. I'd suggest that you JV your first deal or, as @Jay Hinrichs mentioned, try to pull a little equity from your tri plex. Or, if you have a great property, but can't pull off the financing, wholesale it to another investor. 

    Good luck. 

    0Reply
  • Abdel Bah
    OP
    Hartford, CT · Member since 2023 · 10 posts · 2 votes
    2y
    Quote from @Jay Hinrichs:

    if you have equity in your tri plex you might get someone to do a cross collateral loan.

    other wise try to find a partner to get started. 


    Thanks for the feedback, I don't really have much equity yet as I used FHA for my triplex. So, I put 3.5% down.

    0Reply
  • Abdel Bah
    OP
    Hartford, CT · Member since 2023 · 10 posts · 2 votes
    2y
    Quote from @Devin Peterson:
    Quote from @Abdel Bah:

    I know this might be a reach, but does anyone know of someone (private/hard money lender) that can fund my fix & flips? I am considering both fix and flip, and BRRR. I am mainly interested in Raleigh, NC and one hour radius of Raleigh; but I am also interested in the CT market

    I have recently (4 months ago) closed on my first investment, a triplex. Now, I am looking to start doing fix and flips but I don't have the funds for it. I am a fulltime mechanical engineer and I have a consistent W2, I also have a great credit score. I just don't have enough funding to start since I've only been in the workforce for 1.5 years (straight out of college in 2022). Thank you all in advance!

    Hi Abdei, happy to connect with you I’m in CT as well. Happy to chat more on this.

     Hey Devin, I'm glad to see you on here as well (I've seen your name in the CT investors fb group). I will reach out to you this week to chat more on this. Thank you!

    0Reply
  • Abdel Bah
    OP
    Hartford, CT · Member since 2023 · 10 posts · 2 votes
    2y
    Quote from @John McDonald:
    Quote from @Abdel Bah:

    I know this might be a reach, but does anyone know of someone (private/hard money lender) that can fund my fix & flips? I am considering both fix and flip, and BRRR. I am mainly interested in Raleigh, NC and one hour radius of Raleigh; but I am also interested in the CT market

    I have recently (4 months ago) closed on my first investment, a triplex. Now, I am looking to start doing fix and flips but I don't have the funds for it. I am a fulltime mechanical engineer and I have a consistent W2, I also have a great credit score. I just don't have enough funding to start since I've only been in the workforce for 1.5 years (straight out of college in 2022). Thank you all in advance!

    100% is a tough ask. I'd suggest that you JV your first deal or, as @Jay Hinrichs mentioned, try to pull a little equity from your tri plex. Or, if you have a great property, but can't pull off the financing, wholesale it to another investor. 

    Good luck. 


     Thanks for your feedback John, I am looking for partners as well as that will help me a ton. Unfortunately, I don't have enough in my equity to pull anything out as of yet. So, I will keep working on seeking partners.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    2y
    Quote from @Abdel Bah:
    Quote from @Jay Hinrichs:

    if you have equity in your tri plex you might get someone to do a cross collateral loan.

    other wise try to find a partner to get started. 


    Thanks for the feedback, I don't really have much equity yet as I used FHA for my triplex. So, I put 3.5% down.


    well househacking is an excellent start you will get it done hang in there.. go to REIA's talk to anyone and everyone and let them know what your doing.
    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Abdel Bah
    OP
    Hartford, CT · Member since 2023 · 10 posts · 2 votes
    2y
    Quote from @Jay Hinrichs:
    Quote from @Abdel Bah:
    Quote from @Jay Hinrichs:

    if you have equity in your tri plex you might get someone to do a cross collateral loan.

    other wise try to find a partner to get started. 

    Thanks a lot, that's my plan. I will be more consistent at REIA's

    Thanks for the feedback, I don't really have much equity yet as I used FHA for my triplex. So, I put 3.5% down.


    well househacking is an excellent start you will get it done hang in there.. go to REIA's talk to anyone and everyone and let them know what your doing.

    0Reply
  • Jeremy Horton
    Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes
    2y

    Ok - do you understand the risk here? Zero track record or experience of any kind. Zero money. Zero equity in the triplex. 

    You're going to have to come to the table with something, honestly. Can you make a 20% down payment? I've got some conventional loans on some sketchy properties before lol

    You have a W2 though. Can you DIY anything? 

    You can get a few credit cards and max them out - they generally have 0% APR for the first year or so. Then when the flip is done pay off the cards. If it's not done then balance transfer to a new card with 0% APR again for another year (they have cards that are specialized for balance transfers too).

    Probably don't have any 401k funds if you've only been working for a year. If it's vested and you've maxed it out (which I hope you have) then you can borrow 50k or 50% of the value (it'd be 50% in your case) - so this will be good for 10k or so. You may be able to get a personal loan at a local bank/credit union. 

    Maybe wholesale a few properties if you can, to get some extra capital? Partnering is ehhhh - especially in your case - they're likely going to want some equity in the deal since you have like zero leverage

    1Reply
  • Celia Lumbroso
    Lender · Santa Monica, CA · Member since 2023 · 63 posts · 26 votes
    2y

    Hi @Abdel Bah, 

    100% purchase and rehab funding is a stretch for any lender out there. 


    The lack of experience is an issue. 


    If you flipped 5+ properties in the last 2 years you would have better leverage and may be able to get close to 100% purchase/rehab but not full. 


    As Jay stated- if you provided another property to cross-collateralize the deal with a lender may be open to this situation. 


    Happy to chat more in-depth on this- contact me if you're interested. 

    1Reply
  • Abdel Bah
    OP
    Hartford, CT · Member since 2023 · 10 posts · 2 votes
    2y
    Quote from @Jeremy Horton:

    Ok - do you understand the risk here? Zero track record or experience of any kind. Zero money. Zero equity in the triplex. 

    You're going to have to come to the table with something, honestly. Can you make a 20% down payment? I've got some conventional loans on some sketchy properties before lol

    You have a W2 though. Can you DIY anything? 

    You can get a few credit cards and max them out - they generally have 0% APR for the first year or so. Then when the flip is done pay off the cards. If it's not done then balance transfer to a new card with 0% APR again for another year (they have cards that are specialized for balance transfers too).

    Probably don't have any 401k funds if you've only been working for a year. If it's vested and you've maxed it out (which I hope you have) then you can borrow 50k or 50% of the value (it'd be 50% in your case) - so this will be good for 10k or so. You may be able to get a personal loan at a local bank/credit union. 

    Maybe wholesale a few properties if you can, to get some extra capital? Partnering is ehhhh - especially in your case - they're likely going to want some equity in the deal since you have like zero leverage


    Thanks for your feedback, I do have something in my 401k, about $11k ish lol. And I do have a high credit limit that may be used as down payment (if it's doable this way) actually, but it's not 0% APR so I'll consider your advice if I wanna go credit card route.

    Once again, thank you so much for your feedback. I'll definitely do some research the options that I have.

    0Reply
  • Abdel Bah
    OP
    Hartford, CT · Member since 2023 · 10 posts · 2 votes
    2y
    Quote from @Celia Lumbroso:

    Hi @Abdel Bah, 

    100% purchase and rehab funding is a stretch for any lender out there. 


    The lack of experience is an issue. 


    If you flipped 5+ properties in the last 2 years you would have better leverage and may be able to get close to 100% purchase/rehab but not full. 


    As Jay stated- if you provided another property to cross-collateralize the deal with a lender may be open to this situation. 


    Happy to chat more in-depth on this- contact me if you're interested. 


     Sure thing! I will reach out. Thanks for the feedback!

    0Reply
  • Wendell Higgs
    Member since 2024 · 2 posts · 0 votes
    2y

    Adel 

    I am an Investor Loan Broker I have a lender that will do 100% Purchase and 100% Rehab In Raleigh, NC I can be reached

    0Reply
  • Robert BellBusiness Member
    Lender · 38119 · Member since 2021 · 73 posts · 72 votes
    2y

    In order for a deal like that to work, for us, you need to have experience, or lots of reserve funds, or the deal needs to be a slam dunk.  

    Avalon Capital, LLC579 Reviews
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free