Wholesaler · Mount Rainer, MD · Member since 2013 · 31 posts · 5 votes
Hello
My name is Jeffrey Mark and I am a wholesaler/investor from the DMV area. I have been wholesaling for the past 3 years and have sold over 30 homes in the area. I am in the process of partnering with a few of my college buddies to pool together our funds of about $30k to start an LLC to acquire a fix and flip and some rental projects this year. We are interested in putting 10% down-15% to have some skin in the game. My personal credit is not the best at the moment but with my experience in wholesaling and finding great deals I wanted to source out a few lenders.
I would be interested in receiving more information on any programs available or anyone has advice that will be greatly appreciated.
If we are doing the loan in our LLC with $30k in capital do lenders look heavily at credit or do you base the loan on the deal/property.
Our target Loan would be for no more than $180k purchase and rehab. We would be willing to bring 10%-15% to the table.
Lender · Ladera Ranch, CA · Member since 2015 · 21 posts · 10 votes
10y
Definitely lookup hard money lenders in your area and give some a call to see what their lending criteria might be. Hard money lenders focus on value and not on credit and some will new investors.
Wholesaler · Mount Rainer, MD · Member since 2013 · 31 posts · 5 votes
10y
Thank you @Jonathan Casillas and @Joe Gigliello for the advice. I really appreciate it. I have been speaking with a few of my buyers who use hard money for referrals and attending some of the local reia's but getting a plus account would be beneficial to this question.