How to find a Finance Partner?

3 Replies

HI All,

I am locking up a deal today: 2 homes that are on separate lots next to each other in Houston TX.

Each home is $210k including acquisition and rehab. I've heard that if you have a good deal then lock it up and you're find a way to complete it, ok, I'm locking it up, how can I complete?

Ideally I'd find a finance partner looking to hold a 3 year balloon note for $420k with a 30 year amortization and 8-10% interest, how do I find somebody like that?

Reason why I say it is a good deal has to do with the homes (Post Rehab they will appraise at $250k each) but mostly it's because of the business model I follow, rent by the room. I have a home with 8 bedrooms that I have >$5,000 a month in revenue come in from, after all costs including PITI, Management, funding maintenance, and utilities I pocket $2k a month, each of these two homes will perform just as well I can easily meet the note and set aside cash so a 3 year refinance absolutely works.

Thanks for guidance!

Find meetups.  If I was to see this come my way 4-5 years ago I'd do it.  I'm sure someone would give you the cash to do it at that rate.  You're not likley to find someone on this site to cut you a check.  But if you go to an RE meetup you likely will. 

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Originally posted by @David Edwards :

Thanks @Cody L. There are plenty around that I go to, however all are about 70% newbies. I need to break into a group of real doers.

-Dave

Funny, that's why I stopped going.  I bought a few properties on my own before hearing about different groups.  So as a newbie with only a few deals under my belt I went to a meetup.  I found out I was the only one there that had done deals.  I was like "Uh, where are the people I can ask questions of?"

People were asking me questions and I felt I had no idea what I was doing.