I have gotten some really great tips on Hard Money Lenders when looking for Wholesale investing. The problem I'm having is that a lot of Lender's want what they call "Skin in the game". They require a minimum of 20% in the rehab cost or purchase price for funding. Is this normal? If so how can a beginner investor invest when they are limited financially?? Why not just go to the bank to get financial approval?
Hi Felicia, and welcome. Skin in the game is pretty standard, though there are some hard money lenders which will loan up to a certain percentage of ARV, say 65-70%, even without "skin in the game". That is, however, the exception rather than the rule. I'd say search "hard money lender(s)", "HML", etc and see what companies you come up with here on BP. As to the bank, typically your wholesalers want very fast closes, which banks absolutely don't close quickly. Possibly if your wholesaler is flexible and his seller is willing to owner finance you may be able to make it work, but I rather doubt that will happen often. However, stay involved here on BP and you may run across some good ways to make things work even without a lot of investment capital. Good luck, and let us know how things are going!
ok thank you, I really do appreciate your help
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