Real Estate Agent · Minneapolis, MN · Member since 2018 · 1 post · 0 votes
I’m looking to get into real estate investing. I’m a realtor and my fiancé and I run an interior design business together. We have been talking about getting into investing for awhile now but am unsure on what our first step should be. I think we want to go the hard money route using the BRRRR strategy. I’m looking for advice on what lenders to use and also advice on how to approach a hard money lender.
Hello, and welcome to BP! There's a lot of great advice here and I'm sure there will be quite a few responses from local folks looking to help you out :)
My quick advice is to figure out exactly what your business model is. Replace "I think we want hard money" with "We are looking for hard money because . . . " Or what ever funding option it is that you are seeking. Anyone you approach for funds is going to want to know you have really thought this through.
I don't personally deal with hard money, I do all our deals through private or commercial funding, so if you have questions on either of those I'm happy to help!
I agree with @Matt A. , it's better to have a wrong plan then tentatively the right plan.
I can send you a referral for an HML we refer our clients over to (we wholesale residential deals) but aim to have conversatoins like, "I'm looking for ____ because we want to _____ and accomplish ____." In this case, "I'm looking for a dependable HML because we want to BRRRR properties and accomplish a higher income."