if I wanted to buy a mfr property with a loan, but didn't want to get a bank loan. Who could I go to? Considering this is my first time with nothing under my belt.
@Jesus Escobar A hard money lender or a private lender is probably your best bet
@Jason Hirko That's what I was thinking. How could I convince someone if I had no previous experience and this is my first dive into the waters.
@Jesus Escobar For a private lender, take them a can't lose deal. For a HML, be prepared to pay a higher rate for your first few transactions
Treat me as if I know nothing here. What constitutes a can't lose deal? And where can I find such individuals and companies. Thanks for your time by the way. @Jason Hirko
@Jesus Escobar I mean that a private individual is probably not going to be likely to lend you their money with no experience, unless you bring them a deal where you almost can't screw it up enough for them to not get their money back. i.e. the purchase price is less than the current value minus rehab costs. Bigger pockets is a good place to bring a deal once you have it under contract to get a private lender interested. If you're looking for HML, there's a big directory on here that you can search.
Alright, thank you. @Jason Hirko
@Jesus Escobar I think you should also consider finding a partner. It worked great for me so far.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.