Texas City, TX · Member since 2013 · 1 post · 0 votes
I'm just trying to get started with my first home. I'm currently looking for foreclosures and looking to purchase something in a couple months. I'm more than likely using a hard money lender and just wondered if anyone could give any great tips on what to expect... Is hard money the way to go? What should I watch out for? etc... any advice is much appreciated! :) Thanks!
Investor · El Paso/Socorro, TX · Member since 2012 · 365 posts · 75 votes
13y
I used a hard money lender for my most recent purchase, 14% interest can add up fast on a flip. Try to have enough cash to complete estimated repairs plus about 100%, later you will get better at estimating repairs.
Investor · El Paso/Socorro, TX · Member since 2012 · 365 posts · 75 votes
13y
I used a hard money lender for my most recent purchase, 14% interest can add up fast on a flip. Try to have enough cash to complete estimated repairs plus about 100%, later you will get better at estimating repairs.
Investor · Chicago, IL · Member since 2013 · 53 posts · 2 votes
13y
Hey
Jennifer Massie I would suggest to use private money on a flip without using any of your own cash or credit. Are you looking to flip or hold? It depends on what exit strategy you are going to use.