Looking for financing options in NC

3 Replies

Hello Bigger Pockets world! 

My name is Quinn, an investor from Greensboro,NC

I am currently looking to invest in my first multi-family property that I plan to house hack. However I am very new to the area and don't have a whole lot of connections just yet with private investors, banks, etc. I don't have numbers on my first deal just yet but after a few weeks of searching more in depth I will follow up with my numbers. Anyways, I'm actively looking for referrals to commercial lenders, portfolio lenders, private lenders, etc. My goal is to fund my first deal with no skin in the game! So furthermore if any investors in the area have some good referrals I would greatly appreciate it.

Thanks, 

Quinn

Originally posted by @Account Closed :

 My goal is to fund my first deal with no skin in the game! 

You need to learn about seller financing then. I doubt you will find a bank or private lender that will lend at 100% LTV.

Welcome to BP.

Originally posted by @Bryan H. :
Originally posted by @Qendrim Marku:

 My goal is to fund my first deal with no skin in the game! 

You need to learn about seller financing then. I doubt you will find a bank or private lender that will lend at 100% LTV.

Welcome to BP.

 YES, Bryan is correct.. almost all lenders including seller financing are looking for Skin in the Game. We are negotiating seller financing deals, masker lease options etc... and everyone wants either a down payment, option money or hard earnest money--- all these equate to SKIN IN THE GAME. 

Must easier to come in (and or raise some private money) with at least 10% down plus closing cost on the 1 to 4 units. Do a fix and flip 6 to 12 months term--- no reserves needed but must show 6 months bank statements, FICO from 501 and up, min loan amunts from $50K , max $1m --- those are the easiest to do.