Looking for connecting with a Lender and Mentor for our First deal.

[Lorenzo Gensini]

Hi everyone, I am a Doctor and recently the question in my life changed from: "what do you want to do in your life ? " in " How do you want to spend your time? " and I started to realize the possibility that real estate could give in achieving finantial freedom for me and my family, so me and my wife, being very passionated about houses as well, took courage and started on this journey to study a lot and to build step by step a diversified portfolio. PROBLEM IS: we don't have much funds for the down payment that lenders usually ask. I found some options in Austin, where I discovered there is a huge necessity to build new houses and rehab, especially in EAST Austin, with great margins. Our main strategy and plan is to hold for long-term appreciation using BRRRR. However, after visiting several homes, I realised that the strategy also depends on the specific deal and numbers, and I thought a flip and sell would be a great way to go to start raising some capital to reinvest, then, before creating cash flow with rentals. Long story short, I have already found a very good quality and competitive contractor for Austin prices, an agent, a house to make an offer on and we only need a lender to do serious buisness with, build a great relationship, and who is willing to lend more than usual, like 90-100% LTC ( purchase + rehab ) for our first deal, with an higher interest rate as high as 20% once the house is sold. I may be asking something surreal or maybe not, I don't know, but I need to try. Unfortunately, I saw the best I could find is 81% LTC with Backflip ( 90% after having flipped the first house), which still implies too much down payment. Credit score is not a problem ( 720-730). I am in the phase of raising money to make an offer on the house, and I am trying not to give up badly just because I don't have the funds for the down payment. We saw an opportunity, and we don't want to let go of our visions to come to life. I remember the question in the bigger pockets book is not " do I have the money? " but " How do I find the money? " so I am keeping doing research and finding ways, trying to raise capital for our first deal, and I will be very happy to work with a lender that believes in our vision and that could help us kick-start our business. I just need this deal to be able to then accept more common rates with the next houses, and hopefully find now a Lender who understands the big opportunities in Austin willing to work with us.

Looking forward to connecting with anyone interested in doing business. 

Thanks for your time. 

Lorenzo