Hard Money Lenders - Buffalo, NY

1 Reply

I'm new to real estate investing, but most of the flip opportunities in Buffalo seem to be through auction.  A bank won't give me a mortgage for an auction property, and I'm not familiar with hard money lenders.  Does anyone have a suggestion of someone in the Buffalo, NY area?

@Chris Shanahan
Honestly, buying at auction is not recommended for newbies to real estate investing.
There is really a lot of risks involved with buying properties at auctions (very rarely, you can thoroughly inspect the house before you own it; there could be some title defects) 
Additionally, like you pointed out, raising the finances within the time frame required to close is very challenging if you don't have the cash upfront nor a track record of having done that.

Having said, if you are confident that you can do it, then go for it. it is not rocket science.

My suggestion is simple. Take your phone and reach out to hard money lenders.
You have a list of HML here on BP https://www.biggerpockets.com/hardmoneylenders Contact them and tell them what you are trying to do.
Some will tell you they don't lend on properties acquired at auctions, others won't have any problem with lending if the numbers make sense.
Those who can lend will tell you what the requirements are, how much cash you need to bring to the table, the maximum LTV, how it will cost, etc.

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