Hello,
I’m still trying to get into real estate investing in my area. I live in Eastern North Carolina, more specifically I’m in Jacksonville, NC. I’m still in the process of lining up possible funding sources and will be visiting several local banks over the next couple weeks as soon as I finish up my business plan. Anyhow I was curious if anyone in my area has had any success with private investors and/or hard money lenders here in Jacksonville, NC? I’ve contacted a few different Hard Money Lenders that say they lend in North Carolina but are wanting me to put down very high amounts for down payments (10-30%) because of the lower population of the county (150k population). Most of my properties I will be working with will have an ARV between 100-130k (purchase amounts running between 50-80k, ideal looking for 65%-70% LTV or less if the deal is right). Anywhere in particular should I look or is having to put 10-30% of my own money down to purchase the property going to be the norm for my area as a rehab investor? Thanks.