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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  • Kathryn Williams
    Suisun City, CA · Member since 2015 · 13 posts · 5 votes
    10y
    Originally posted by @Logan Hicks:

    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.

    Logan,

    Do you work with clients from different states?  I am a newbie as well, looking to get pre-approved for funding to fix and flip homes in the Sacramento area.  Credit score 720 and have about $20,000 in capital.  My business plan is in the works, but looking to start my first project in the beginning of Feb.  Once that time comes, I'll have a business plan, the entity completely set up, and more education from Fortune Builders.

    1Reply
  • James Martin
    Property Management · Memphis, TN · Member since 2009 · 667 posts · 362 votes
    10y

    @Rae We have a Real Estate School where you can take courses (Memphis Real Estate School)! I would also recommend that you start at Crye Leike or Keller Williams for your first year. They have coaches and a lot of education for beginning  Affiliate Broker's.

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  • James Martin
    Property Management · Memphis, TN · Member since 2009 · 667 posts · 362 votes
    10y

    @ Kathryn You shouldn't have any problems getting financing from a bank or credit union. Ask for a construction loan to buy & rehab homes. They may give you up to 85% ltv and secure the loan with the property. Visit the small banks in your town. 

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

    @James Martin Thanks James! I'll check that out! 

    @Kathryn Williams I wish you much success!!

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    10y

    There is a guy  locally who I believe offers training at a very affordable rate for new investors.   Most new investors dont go the Realtor licensing way bc of the time and money it takes, everyone wants to start out fast but most fizzle out.  

    Good luck

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

    @Curt Davis thanks Curt for the advice. If you just happen to remember please share his name and contact info with me. Thanks again! 

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  • Drew Iannatti
    Chesapeake, VA · Member since 2015 · 4 posts · 0 votes
    10y
    Yes, all great advice as always!! I never really went to RE meeting, shame on me, you should defiantly go and connect with as many people as you can. One of the best ways for me to connect with other investors was to troll through Craig's list, find other investors that market on there and start calling. Look for WE BUY HOUSE ADDS or even properties for sale by other investors. A lot of them will be wholesalers or new investors just like your self, but you will find handful of guys that are senior in the game. Just be straight up with everyone. Explain your situation and that your a brand new investor, majority of other investors are happy to share some advice, even some connection. And secondly, share the fact that your a real estate investor with EVERYONE you meet, you will be amazing how many other investors and connection you will build simply from a small conversation. Started talking to a guy at my gym the other day, had seen him several time, super normal guy. Sparked a simple convo and lioan behold he was a fellow investor that owned 14 total rentals in the market, he most have spilled 30mins of advice, I could shut him up, not that I'm complaining it was amazing!!
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Account Closed  not sure if this is the direction you wanted this thread to go in.. But I like were it ended up... looks like you will get with some good folks and start your basic training.. Like Curt said so many jump in and flame out because they don't have a base of knowledge to work from... BP is a great networking site etc.. but nothing beats the belly to belly aspect of the business.. pretty hard to just read stuff on line and do it yourself.

    you need to make those contacts.  and as others have posted you never know where it will take you... Its that 15 degree's of separation.. there was a novel ( fiction)  that was popular in the 90's called the Celetine prophecies and the upshot is you never know were a chance meeting will lead you.. but you have to MEET.. not just hid behind a computer. ( not that your hiding behind a computer ) but you get what I mean.. it takes getting out there and mixing and that one meeting could change your life.. I know it did mine on many occasions.

    Podcast Guest on Show #222
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  • Account Closed
    OP
    Atalanta , GA · Member since 2014 · 29 posts · 9 votes
    10y

    Hey Jay, 

    Thats great advice! I will be attending meetings and connecting with as many people possible this month. I put my intentions out into the Universe and I'm taking action. I'm sure this is going to be a journey! I'm willing to travel as well if need be. Investing in myself this year is PRIORITY!

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

    Thanks Drew!!! I will be talking to EVERYBODY soon!!! @Drew Iannatti 

    0Reply
  • Simon Shih
    Investor · Houston, TX · Member since 2012 · 354 posts · 186 votes
    10y

    @Account Closed. I am just about to close on my first deal. It's been a fun couple months getting to this point and I'm still a little shocked that it's about to happen. The two things I have learned:
    1) Relationships are the most important thing in real estate. I bring up real estate to everyone. I do it because I have met more people and have gotten more contacts just by mentioning I'm working on real estate investing. One of my coworkers own 4 rental houses, just happens to also be a BP member and gave me the contact info of a small bank owner in my city. He told his girlfriend about me, she also owns rental properties and they want to partner with me in the future. I have friends who are real estate agents that pull comps for me. And one of the engineers I'm working with has a girl that project manages apartment rehabs.

    2) Write your business plan. There are so many aspects of real estate investing that you'll be all over the place without a clear, defined plan. I've been detailing my journey into real estate investing and I have my business plan here. You're welcome to download it and use it as a template for our own. It's a short two pager, but it keeps me on my path.

    Good luck to you. This website is a plethora of information and potential contacts. Hope you do well.

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

    Wow, @Simon Shih Congrats! Thanks for sharing! I look forward to meeting people and creating relationships with others well versed in real estate!!!! I like the name of your company, pretty cool!! (Hahah) Thanks for the business plan too. I appreciate your help! 

    1Reply
  • Anje Walfoort
    Redding, CA · Member since 2014 · 77 posts · 18 votes
    10y

    @Rae Underwood another thought would be to find out if there are any meet ups in your area with experienced investors or agents/brokers?  Often times you can find someone to mentor you or someone that can answer specific questions for you.  You may be able to contact both a hard money lender and broker and ask them if they would like to host a meet up. They may be able to get other investors to attend and it benefits all parties involved.  This is excellent for networking and will give you an idea if what you are wanting to do is realistic or what steps need to be taken to reach your goals.

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  • Assata Moore
    Investor · Chicago, IL · Member since 2015 · 40 posts · 24 votes
    10y
    Originally posted by @Account Closed:

    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.

    I started the way you are looking to start. It's a challenge but quite doable. I suggest the REI groups as previously suggested in addition to reading as much as you can, focusing on one aspect of RE, and watching information and motivation videos from YouTube such as Earl Nightengale, over 10 years later and I still do these things every day. Hit me if you'd like more...

    0Reply
  • Anje Walfoort
    Redding, CA · Member since 2014 · 77 posts · 18 votes
    10y

    @Kathryn Williams I sent you a private message.  I am a Hard Money Broker / Real Estate Broker in Northern California.  I get excited about the opportunity to mentor someone new in the business that has goals and is determined to reach them. There are so many questions and things to watch for, I'd be happy to hear more about what you are looking to do.

    0Reply
  • David Beckley
    Investor · Saint Louis, MO · Member since 2015 · 204 posts · 37 votes
    10y

    I like the mixture of comments and advice. I'm a newbie myself and sometimes it's disappointing to hear veterans give you all the reasons why you can't gain entry into RE. Everybody started as a newbie. Everyone had someone give them a start. I got the best advice from a veteran last night. 90% of this business is mindset. I've made up in my mind that someone out there will take a chance and invest in me.

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

    Thanks so much!!! MINDSET is everything @David Beckley 

    Thanks @Anje Walfoort! I am looking for a mentor like yesterday. 

    Thanks @Assata Moore! I'm open to any and all resources!!!

    0Reply
  • Zack Lofton
    Hard Money Lender · Austin, TX · Member since 2015 · 97 posts · 36 votes
    10y

    @Account Closed

    0Reply
  • Gary Surrency
    Whittier, CA · Member since 2013 · 1 post · 0 votes
    10y

    Hi im also looking for a hard money lender or a lender. I have a house in florida free and clear with a tenant in it and looking to pull equity out My credit isn't that great but working on it. Any help for a lender would be appreciated.

    0Reply
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