All Forum Posts by: Chauna Gibson

 Happy to talk about this offline. I don't make recommendations publicly for several reason.

FWIW, I have 12-doors in Detroit.

 Just go to the local, RE forums, present your deal, You will have to use all of the 100k, but than what about the reno,,,, I suggest connecting with someone doing deals, maybe flip the contract, but work side by side so you learn . This deal needs about 350k, you only have 100k, IMO you are going to need at least 60% down .  I would not lend on these terms as you are new, but thats just me 

All the best 

Yes my aunt is a developer in the city and her husband is a contractor. Reno will be about 80k. there is a specific property, it's mixed use/vacant . listed for 275k ARV is $450k

Well the 1st issue is no experience., how much is the PP ? You are going to have to have at least 60% DP, as you are new. What about contractors do you have any you can trust 100% ? Do you know the repair costs, what they really should be ? Do you have a property in mind? Do you know the ARV ?

All the best 

Google "hard money lender near me" and call the top 3 results. They will answer the phone. Or if they don't, they will call you back.

Getting a hard money lender to call you back is easy. But getting them to fund a unique mixed-use deal is another story.

You should try to also get in touch with a couple experienced commercial developers in your area. If they like the deal, maybe they will partner with you. If they don't like the deal, it's probably a sign that you shouldn't like it either.

Maybe their lack of response is speaking with the value of the deal? While HMLs are hesitating to lend at the moment, I don't know anyone who would turn down a deal that was well priced and an asset that made sense. 

 How many have you done and how much cash do you have ?