Hard Money Lenders

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Hard Money Lenders

Account Closed
Atalanta , GA · Member since 2014 · 29 posts · 9 votes

Hi BP, 

I am a newbie to investing. I'd like to know if there are any hard money lenders available. If not? What are my other options for capital?

Thanks for all the help guys.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y

Rae... starting out in the business if you have no actual capital or a capital partner generally precludes you from getting a HML... HML generally or almost universally require CASH infusion into each deal. they require decent credit most of the times and experience.

If your starting out with no capital and no experience you will usually want to partner with someone who has the capital and experience..

And it really depends on what you want to accomplish..

If RE interest you   you may want to get a RE license and learn the industry.. you can get on with a big team and get paid as you learn.  This will allow you to apprentice and if you find your calling and can move up in the industry it can be a lifelong gig that is rewarding monetarily and for your personal fulfillment.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    Rae... starting out in the business if you have no actual capital or a capital partner generally precludes you from getting a HML... HML generally or almost universally require CASH infusion into each deal. they require decent credit most of the times and experience.

    If your starting out with no capital and no experience you will usually want to partner with someone who has the capital and experience..

    And it really depends on what you want to accomplish..

    If RE interest you   you may want to get a RE license and learn the industry.. you can get on with a big team and get paid as you learn.  This will allow you to apprentice and if you find your calling and can move up in the industry it can be a lifelong gig that is rewarding monetarily and for your personal fulfillment.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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    2Reply
  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Thanks for the advice Jay! Any big teams that you know off-hand? @Jay Hinrichs I've been seeking partnership, but it seems pretty difficult to people in my area willing to help. 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Account Closed  look up Douglas skipworth  he owns a RE company in Memphis he would be a good one to at least talk to ...  Also getting a job with a closing attorney in that area could give you some good nuts and bolts education as well as pay you

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  • Account Closed
    Investor · Kansas City, MO · Member since 2010 · 239 posts · 110 votes
    10y

    @Account Closed comments on skin in the game (money in the deal). Most hmls will require something in the deal from the borrower. 

    Look up and join a local REI group if you can find one. You might find lenders there, private lenders (individuals) too.

    Financing and funding is one of the hurdles many investors have but if you really get out there you should be able to find some options.

    Good luck!

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    10y

    Attend your local REIA or BP Meetup so you are networking with people in your local area. You will meet folks and can start building those relationships, and perhaps find someone to partner with, or a wholesaler, or a hard money lender. Once you meet folks and can form a give-and-take relationship (meaning you don't just take...you find a way to be helpful) you may find doors open for you that you cannot see right now.

    We've recently moved to the US from overseas, and had to start all over with networking.  I've set up keywords for my city and county, I've attended Meetups, I've hosted CashFlow games, and attended the local Chamber of Commerce meetings.  In all these ways, my hubby and I have met the movers and shakers in my little area, and have gotten calls from people who have deals to shift.  Get out there and see what you can offer to those who are more experienced than you are.  We always like a new bird-dog, for example.  You start the ball rolling by providing value.  

    1Reply
  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Thanks so much!!!

    I'll check out my local REI group!

    1Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    Thanks for the shout out, @Jay Hinrichs!

    @Account Closed,

    Welcome to BiggerPockets!

    As Jay mentioned, I'm happy to help you however I can.

    Also, there are several other Memphis investors on BP who are very willing to share their time and ideas with you.  Be sure to always mention "Memphis" in your posts if you want them to chime in.

    There are a few hard money lenders in town.  I'm glad to introduce you to them if it makes sense.  What do you need the money for (eg, buy & hold, fix & flips, wholesaling, other)?

    Investor's Guide to Memphis Real Estate
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  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Account Closed,

    Here's a link to a post I wrote this AM about the Memphis REIA (I pasted the actual words below). Feel free to join us the week after next!

    https://www.biggerpockets.com/forums/55/topics/261477-new-member-in-memphis-tn?page=1#p1709562

    Hi, Jolle Butler.

    Welcome to BP!

    Be sure to check out the blogs and podcasts as well as the forums. You can learn a ton from the real estate experts on the site.

    Also, please get involved with the Memphis Investors Group (MIG), which is our local Real Estate Investor Assocation (REIA). MIG (http://www.memphisinvestorsgroup.com/) is definitely the best place to network with other like-minded real estate enthusiasts.

    Our next MIG meeting is Thu 1/14/15 at 6pm. Hope to see you there.

    Best of luck to you!

    Investor's Guide to Memphis Real Estate
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  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Hi Douglas, 

    Thanks for your response. I'm looking to fix and flip houses this present moment and later buy/hold multi-family in the longterm, in the Memphis and surrounding areas. 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Douglas Skipworth does your agency take on new agents and do you have a training program.. or is your shop better suited for experienced agents that need little to no training .. just monitoring so they stay within the rules of law and MLS etc.

    Personally I think many who I see post on BP that are really new could benefit greatly by going through the licensing curriculum , sales training etc ... before they go from zero to a RE investor.. I see going from Zero to an RE investor by just trying to go to RIA's as a very high % failure rate... at least if they go through the industry protocol they will actually learn something and at least learn the terminology and the laws of the state.  Could not hurt right.  And then you never know when you get a sales dynamo... Our market here is dominated by top producing RE ladies easily making 500k to 1 million a year in commissions.. Not sure wholesaling or bird dogging houses has that kind of income potential I suppose it does for the top players...  

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  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Thanks for your response Kerry!!!

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Account Closed  there ya go... look up some RE companies .. get your basic training in.. ( just like the army)  attend the RIA's when able... and best of luck

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    @Jay Hinrichs Many thanks!!! I appreciate any and all advice guys!!! 

    0Reply
  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Where do I find the BP meetups? @Kerry Baird

    0Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Account Closed mentioned about getting by giving).

    There are several fix and flippers at MIG.

    Investor's Guide to Memphis Real Estate
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  • Logan Hicks
    Business Owner/Investor · Millersville, MD · Member since 2015 · 191 posts · 71 votes
    10y

    Im willing to take risks on newbies in the TN area, especially Memphis. What were you trying to do?

    What are your objectives? Do you have good credit? What is your business plan? Do you have a business plan? What are your housing criteria? Rental Candidate criteria? A lot of questions, all of them matter.

    1Reply
  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    My husband's really good friend has quite a bit of experience with fix and flips. I will be meeting with him soon. I will take a look at Shelby County's Landbank as well. To think, my husband and father are willing to partner with me on the deals, so I may not need hard money. 

    Good idea on the getting and giving!!! 

    1Reply
  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Hi Logan, 

    Those questions are extremely important! I am currently working on a business plan. 

    Thanks for your response. I will be connecting with you soon.

    0Reply
  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    @Douglas Skipworth how can I get started?

    0Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Account Closed,

    Just to clarify, what are you looking to get started doing?  I want to make sure I give you the best info possible.

    I love your attitude!

    Investor's Guide to Memphis Real Estate
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  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    @Douglas Skipworth training. What courses are available? 

    Thanks for recognizing my attitude. I want to really dive in headfirst and get the ball rolling. I have a great support system behind me. I'm committed to making this happen. 

    0Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    Hi, @Account Closed.

    On Mon 1/25/16 at 5:30pm, we are hosting our monthly introductory class at our office.  This month, we're going to talk about what every buy and hold investor needs - deals, financing, and management.  Please join us!

    Here's a link to last month's discussion where we talked about wholesaling, flipping, and landlording. 

    We also have a monthly Lunch & Learn for experienced investors. This month's session is on data analytics and our property management database.  I don't think you'd enjoy it as much, but you're welcome to attend.

    Our blog has several high level video presentations you might enjoy (http://www.crestcore.com/blog/).

    Lastly, MIG has a good "introduction to the local REIA" program next Thursday night (1/14/16). It should be really good.

    Feel free to private message me if you're interested.

    Investor's Guide to Memphis Real Estate
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  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Thanks so much! I'd love to join. MIG is Memphis Invest Group, correct? 

    @Douglas Skipworth

    0Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Account Closed:

    Thanks so much! I'd love to join. MIG is Memphis Invest Group, correct? 

    @Douglas Skipworth

     Yes, you are correct.  Here's a link to the MIG website.

    http://www.memphisinvestorsgroup.com/

    Investor's Guide to Memphis Real Estate
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  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Hi Jonathan, 

    Thanks for responding. I'm focusing on gaining as much investing knowledge before seeking funding. But I will keep you in mind. 

    Thanks again! 

    0Reply
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