Startup Money
Have you looked into FHA Loans and 203K? The FHA can require as little as 3.5% down, and the 203K will cover the rehab costs.
Congratulations on starting your business and the formation of your LLC! It's always good to have a few potential investors in your contacts so that if it doesn't work out with one, you have a back-up (or two). If you attend local real estate investment groups, or even reach out on BP, you'll likely meet some hard money lenders. They are expensive, but a good resource and can usually close quickly (which can be a necessity with many deals). Private money isn't as easy to find, but is certainly available in your area. They can also close quickly, may be a better value with lower fees and interest, and potentially more flexible on terms than hard money. Again, local real estate investment groups or reaching out on BP will help you find private money.
Beware of any lender that requests fees upfront. There are plenty of scams that promise low interest and fees for an upfront charge, and then take your money and run. Some lenders may request an appraisal fee, but be sure to do extra due diligence if anything feels sketchy or too good to be true.
Private and hard money is available everywhere, however finding connections in your local area may provide more peace of mind since you are more likely to have the opportunity to meet and connect with the lender in person.
