All Forum Posts by: Dan Deschamp

No it's 1 million. I see the typo now that you mention it. Thank you for pointing that out

Part of the reason I'm looking for a private lender is so there would be easier access to money as houses or condos come available in the areas I am looking. I own a carpet cleaning business of four years and we started the Vinyl business two years ago. I don't have a whole lot of money available. I'm using my credit and what money I have in savings as the down payment on a 100,000 condo And plan on making that a rental. I have a lot of experience through the years working in houses like this with my dad being a property manager and realtor as I was growing up. Helping with small repairs putting in new appliances. I've done lots of research of companies that can help with my projects during rehab. and I also know lots of handyman electricians plumbers and contractors I have worked alongside with doing work in People's homes. All who have personally takin an interest in my project and are ready to help out with anything I need when I hit the ground running. Another reason I am seeking private lenders is because I want to keep my personal credit open to continue to help my carpet cleaning business and vinyl business grow. I am also using my credit to purchase the $100,0000 condo as a rental. We are in the stages of developing our credit for the carpet cleaning business Sollee. But the vinyl business has yet to qualify for even a credit card. I have lived in my house for 10 years as a renter. It's a 2000 square-foot comfortable home with three bedrooms a large rec room and a nice living room two car garage and could use about $10,000 in repairs. I came to the decision of purchasing the home because I want to fix it up and make it nice. My landlord is not doing that, so I'm currently working out a deal with my landlord on an owner finance for the home. Unfortunately I don't have much of a track Record other than resume of a 13 year career in hotels and hotel management. And what I've been doing since I started my businesses. I'm not real sure how to move forward from here in finding a trustworthy private lender. The only thing I can think of is offering a higher interest-rate too a Lender that may be willing to work on this project. But then again having no experience doing this yet I'm not sure if a higher interest-rate is a smart way to go. I've come to this social media site in hopes of getting recommendations on how I can get into this business under these circumstances and the way I wish to approach the project. I know 10% is a lot of money to be offering if that was to work. But with my work ethic and drive I know I can turn something like this into a major amount of money over time for myself so I don't necessarily think higher interest-rate's are a bad thing when you're starting out. I'm starting with nothing anyway

Hello. 

I am new to bigger pockets and am just starting out in buy and hold. I have worked out a great business plan that i feel if flawless. I am looking at purchasing up to 9 homes and will also be needing up to $100,000 for a buffer. We are looking for a total investment of $1,000,000,00 for 13 to 15 years and depending on the deal are prepared to go upwards as 10% to the lender. my problem is I can't get anyone to take a meeting with me. what should I do? what are privet lenders looking for?

thanks

Dan