Financing for our first deal

[Rafael Perez]

I recently got connected with another new real estate investor here in Omaha and are running into some trouble. We have an agent working with us to find us deals but we are stuck on how to fund the deal. We got connected with a lender but like all smart lenders, they want us to have some skin in the deal in order to proceed. So this is where my question comes. Since we are new investors, what do you think is the best route for us to take in financing our first deal. Should we continue searching for financing and determine which has the best terms? Or should we be looking more towards hard money lenders? Also, our current lender recommends we open a line of credit through an LLC. What's the best route for us to take to secure our first deal?

[Joseph Firmin]

Most will require some skin in the game - bring capital to the table, not only the deal. But you can definitely find lenders (they don't have to be local) that will lend 100%. Keep looking. You can also try to get a credit line, but if it is a new LLC, you may not get much.