Lending and Partnering??

Question

Im in Florence sc. Im ready to dive into real estate. Fix and flips, BRRRR, short term, long term rentals. Single family, duplexes. Having a hard time finding lenders, and I need help with the “behind the scenes” stuff. Contracts, permits, lawyers, closings. I’ve got a good idea on how to find the properties, comps, arvs and the rehabs. It’s all the other stuff that goes with it. I think once I get my first deal done and go through the ropes, I will have a better understanding. Checklist type of stuff. Any recommendations on lenders willing to partner with a new REI? Any tips for strategy, paperwork?

Bryce Jamison · Answer

Based on your post you don't seem ready to dive into real estate. I'd recommend picking one strategy to start with before doing them all at once. Once you select a strategy that jumps out to you start learning as much as you can about it through websites like this, YouTube, podcast, your local library, and local meetups. Doing this will help you learn about how to do the "behind the scenes" stuff. You also want to ensure you're ready from a personal finance perspective. To me this means no consumer debt, a large emergency fund in place, and funds separate from your emergency fund dedicated to investing.

Why can't you find a lender? I just googles lenders in Columbia SC and a ton popped up. I'd recommend first finding a realtor who specializes in working with investors. They'll definitely have lender recommendations, and if they're good, for all the other vendors you'll need too. Your realtor will be able to help you with everything you'll need to do to acquire a property (inspections, funding, closing). They may even help after closing depending on your strategy, but this is the point you'll need to be clear on what your goal is and how to execute to get there.