Hustling for PM - Need more ideas - Severely Frustrated

[Clare Cheney]

"and I didn't use ANY of my own money"; "It was all OPM"

OK. I am now about to have to walk away from my third deal. And this is a really good one! ARV is there. Contractor experienced in rehabs and on board - more a partner than a hired hand. Low offer accepted on REO. Awful house in decent neighborhood here in So Cal.

I have a commitment from a hard money lender that leaves me $65000 short. And specifically short on the excessive $21000 EMD due tomorrow. I can stall a little bit but Fannie Mae doesn't care about my problems. Lol.

I am making calls. I am pitching @ REI meetings. I am calling and emailing people I know who lend. I am at my wits end. I am finding this very frustrating and although I have no intention of quitting I want my first serious deal under my belt. And I obviously need the money.

It is too late to wholesale and Fannie Mae makes that difficult anyway. 

Ideas? Direction?

[Darren Eady]

Sorry Clare.  You sound frustrated for good reason.  I think you often hear about people doing deals with no money out of pocket, but it's not realistic, and most of those stories don't contain the back stories of who actually financed their "no money down" deal - uncle, mom and dad, or the seller of the property that didn't know any better.  

There are way more people using some of their cash and some cash from lenders to make a deal happen.  If you don't have the cash for your skin-in-the-game, you will not find a REAL hard money lender that will put up all the funds.  

I would suggest you look at partnering instead of borrowing and I would suggest you look to friends and family that already trust and love you before you open this up to others.  

It's a great time to have money and buy real estate.  Without money down, it's a difficult time to do anything!