Hard Money Strategies for Flipping
Hello guys,
I am a new inventor that I would like to get started flipping some house at my local area ( El Paso, TX). I have been educating myself thru books and webinars here at BiggerPockets, and I believe that I am ready to start with my first property.
The problem that I am having is regarding the Hard Money lenders.
For the ones that I have contacted asking for money, they have replied back saying that they lend 70% of the ARV, and they keep the house as an asset in case something goes wrong during the flipping, plus some of them want a 10% down.
- Are those normal requirements when asking for hard money?
- Also, who owns the property when initially buying the house?
Also, those anyone know any strategy on buying houses from actions using hard money? For what I know, as Hard Money lenders require an asset, and takes a few days to get the money, it is imposible to use someone's else money to buy from actions, am I right?
Does anyone know any other strategy when trying to buy properties for flipping on actions? Not asking to mentoring in any way. Maybe just pointing to source data where I can keep reading details about this.
Thanks in advance!