Cracking my first deal
I'm a fairly new investor in real estate i have been taking a real estate class to everything i can about the business. I have been reaching out to hard money lenders for funds over and over and can't seem to have anyone fund me any kind of money at all.... Does anyone have any suggestions?
Why are hard money lenders turning you down? If you have that answer, you know what you need to work on to be able to get funding from them.
Greetings @Dillon Turnquest! I wish you the best!
@Shannon K.majority of them turned me down because i have no capital or experience... I just want to find someone who is willing to work with me and benefit both of us
If you are reaching out in general, before you have an actual deal, then you have nothing to present to them.
Also, if you have no downpayment money, no experience managing projects, and no funds for contingencies, then you are asking them to assume all of the risk without any control of the project. If lenders wanted to assume all the risk, they would simply do flips themselves.
You should also look for lenders who are local to you, and not look at the national lenders, or those outside of your geography. You find them by networking at local investor groups, asking for recommendations. There are lenders who will do 100% financing, but only for borrowers with significant experience. Since you have neither downpayment nor experience, you need to gain one of them, or find a killer deal that is good enough for someone to take a chance.
Consider partnering with someone who has funds but no time. Then you'll have downpayment money if not experience.
