I recently got my license to become a Mortgage Loan Originator. I have been working with a broker for a couple months now. I am interested in getting into real estate investing, specifically to do rehabs and flips with the ultimate goal of buying homes to keep as rental property. I have a few questions:
- Does anyone know the best ways of generating leads as an MLO? I have been cold calling and trying to build relationships with realtors in the area. It has been working okay, but nothing too great.
- Hard money loans for flips: I have found quite a few lenders that provide hard money loans with a down payment of 10%. I was wondering if anyone knows of any legit lenders who provide hard money loans with a smaller down payment? I have found a few companies that claim to provide 100% of funding for the home and the rehabs, but the companies seem sketchy. Also, I am sure it’s possible to get a hard money loan with a smaller down payment, but I am assuming it is only for those people whom have experience and who they have already worked with.
- I know a few people who do rehabs and flips, but they tend to be very limited with the information they provide, which is understandable since I would be competition for them.
I am extremely thankful for any information anyone may be able to provide!