Who do you turn to when I have Real Estate deals in prime locations of St Petersburg, Fl one a FIXER HOme in a prime area " OLD NE" the other a $3million Commercial Building on Central Ave, but you have NO DOWN Money?
What kind of interest are people in this forum typically getting? What if an Investor needs $100K for 30 to 90 days. how quickly does the system work in this forum? How do you establish Trust here?
To our success! Rafi Escoriaza, CEO, R & W Investment Advisors, LLC
I often recommend this in the forums. I think your unlikely to get investors without a proven track record and some money (of your own) down.
My recommendation is always to start with friends and family. That's how just about everyone syndicating deals manages to do it. With them, you establish initial trust and your track record. Then you can repeat the process.
I know Central Ave well. Great and growing location. Best of luck!
Are you putting any of your own money in the residential property? Are you asking for 100K for a 1st position? If not, it sounds like it could be difficult to put together. Also, as the other poster stated, a track record is important. If you have a solid record AND a solid deal it would be a lot easier to sell. Good luck.
I have a contact who has a $60 million private investment fund. They will loan up to 70% of value. How much financing do you need? Are you putting in your own cash?
I know another investor who does transactional funding. Can you give us more specifics on the deals? We may be able to better guide you.
Hi @Rafael Escoriaza
If you have a track record, that would be useful. Either way, you are going to have to supply a very detailed and investor friendly prospectus if you´d like to secure hard money. That would include deal summary, copy of purchase agreements, financial summary, renovation budget (with pro formas), local sales comps, local rental comps, local area demographics and exit strategy / timings.
Most backers would want to see you putting some skin in the game, but it´s not necessarily a deal breaker if you´ve secured these properties at a low enough price.
Do you attend local REIA meetings? There are always potential private lenders at those and they are a great place to start building long term client relationships.
Best of luck!
To my Fellow Investors: Trevor,Tom, John, Nancy, and Colin.
Thank you for the encouragement and guidance.
I may be contacting a couple of you to explore the possibility of a Joint venture to save the residential deal, where I have a funding source but require some down money. I have all the documents that one of you suggested. The Commercial deal is in good shape and moving toward closing.
Regards, Rafi Escoriaza, REO, R & W Investment Advisors, LLC
You might just have to do a smaller project yourself first to establish a track record, or go to your local REIA and pitch the deal to find a partner
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