Seeking a lender for flipping in North Florida

[Danny Saturday]

Hello,

I'm Danny Saturday, just starting out in flipping/rehab. I'm seeking a private lender that's interested in doing business in northeast Florida. I'm looking for a lender that I can build a relationship with for future deals. I have knowledge of the local market and area, also construction. I'd be able to do most of the rehab myself or sub it out to one of my many friends in the business needed. I've lived here most of my life. I have close friends that are realtors in the area also forwarding me everything hot that is becoming available. I've had a few properties that I had to let slip through my fingers due to funding. I'm seeking a private lender interested in funding a deal that wants a repeat customer with great results. I'd love to discuss this more with someone that fits this criteria. My contact info is on my profile. Looking forward to hearing from you.

[Sam Ally]

Danny:  There are a few things a lender likes to see and you working on a project yourself is not one of them.  Track record, your team, exit strategy but most of all ability to repay.  You are going to have to put skin in the game and anywhere from 20% to 1/3 in most cases.  Everyone says they want to build a relationship most do not, they simply want money for their deal. What are you looking for in a lender and why would they put up their capital to fund a novice?  That's the question you need to come to grips with and have viable answers for.  Many say what's the difference if I fail, the lender gets the property.  While that may be true, there are lenders who have no desire to take over your failure they want you to perform & keep coming back, not fund your education.  You would be wise to "intern" with a seasoned investor in your market and then perhaps partner on a deal or two with him/her after you "cut your teeth" a bit. 

It is great you have friends in the business, but that doesn't mean you should work with them. Realtors rarely have access to "off market" assets and that is where the deals are. Anyone can search the MLS and if you want to buy @ retail prices there will be plenty of action there. Your goal is to surround yourself with the best at each respective position on your power team, have a pipeline of viable assets coming in to your funnel and be able to analyze, evaluate and close quickly as those deals will not last long. Again for the resale portion of your deal if the realtor you choose is not the top seller in the specific market you are fishing in, you do yourself and your partner (Lender) a dis-service. I am not trying to discourage you but prepare for something that as it appears you are not as ready for as you think. You want to chat off line call or message me anytime. Good Luck!