how can u get a hard money loan with no money down , so I can get started.
Hello @Alex Yong
It is very hard to search out and find a hard money lender that will allow an investor to obtain a loan at 100% LTV especially with no history or experience in the real estate investing realm. The best course of action would be to see about investing with someone that has been in the industry for a year or so, flip a deal or two, and you can work with them for your first deal.
After you have that under your belt you would be able to bring that track record to their door.
thanks @Peter Mckernan .
I'm confuse about LTV, ARV and REHAB loans. I searched the internet but cat find a specific definition to understand what they really are but the ARV or rehab seems to be the ones that loan u 100% of the amount after the repairs are done. like final market value
100% loans with NO MONEY OUT OF YOUR POCKET are not happening to those starting out.
Do hard money gives 100% loans but you have to send them 3 to 4k up front.. and there is no guarantee they will fund.
you need to work on cash or equity partners.
@Jay Hinrichs hi , u are saying the u put that money up front and if they don't fund u u will loose it ?? that doesn't sound legal at all . like I said before I really want to start flipping houses and I appreciate every comment.
any advise on how should I start on this ? I don't really have any cash saved I just bought a house a month ago for me and my family . but I do have a nice monthly income but looking for a extra cash input and not only that but help people find their dream house as well.
from the threads on BP about dohardmoney yes you pay 3 to 4k up front.. read some of the threads.. some folks got funded others got frustrated and lost their money.. I believe the company is selling education for the 3 to 4k with the promise to look at your deals ( again for another fee) and if by chance one works they will fund 100%.. there have been posters here that have been funded however if I was mass speculating and again just speculating I would say the company makes a pretty good % of their revenue selling education as the money is non refundable. although they say they will refund the money when you make a certain amount of loans with them.. we like to call this pump and dump in our industry.
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