I am still trying to get my first flip under my belt! I have a great team and mentor, and because of my mentor I've been able to network pretty well! I started out in the lower market in the South MPLS area but the competition was too stiff for my liking. My mentor suggested dabbling into the larger market and with his help I've found a great deal!
Problem is now: financing....
I wasn't initially prepared for a larger market and as such, I've been running around trying to figure something out. I have one hard money lender but I need 20% down. I would need an additional 70-100k from an investor on top of my 50k for downpayment. This is challenge #1. I don't come from a wealthy family and I am young so friends aren't an option as well. To reiterate: I am young without a house that I own, so borrowing against my own assets isn't an option as well.
I then decided on finding a zero-money down traditional hard money lender. I've found a potential lender but am still waiting on a response from him and terms. This is challenge #2 - finding a zero money down lender.
Anyone have some creative ideas to gain financing or know of any investor ( private, personal or groups) they would care to share with me? I am still of course very green, but I've finally got a great deal on my plate, I don't want to let it slip away.
BTW, I am on vacation this week from work so if anyone local wants coffee/lunch for a conversation I will gladly treat!
@Jordan Webster , personally, I would prefer having a mentor who was prepared to put some of their money where their mouth is ie. skin in the game (or at least knew where it could be had). Wouldn't it be great if THEY were prepared to be a JV partner? Cheers...
Throw if out at the MnREIA meeting next Tuesday, and see if you get any takers. There are a lot of people looking for deals.