Best route Hard Money Lender or Trusted Investor

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Best route Hard Money Lender or Trusted Investor

Dellener Crayton
Philadelphia 路 Member since 2018 路 12 posts 路 2 votes

Scouting out a few potential residents I'm interested in purchasing to rehab for resale. This will be my absolute first buy any suggestions on which way is better to get the finance part in order Hard Money lenders or finding an trusted Investor?

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Tara Daniels
Private Money Lender 路 Tampa, FL 路 Member since 2018 路 54 posts 路 16 votes
8y

Hi Dellener,

For your first purchase, it would be a good idea to finance the deal with Hard Money.  If you are looking to find a trusted investor with no experience, you may be unsuccessful or receive unfair terms.  With Hard Money, you will get fair terms and also know if you have a good deal to invest in since Hard Money Lenders do due diligence on the property prior to lending.   Please feel free to message me with any questions!


Tara

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  • Tara Daniels
    Private Money Lender 路 Tampa, FL 路 Member since 2018 路 54 posts 路 16 votes
    8y

    Hi Dellener,

    For your first purchase, it would be a good idea to finance the deal with Hard Money.  If you are looking to find a trusted investor with no experience, you may be unsuccessful or receive unfair terms.  With Hard Money, you will get fair terms and also know if you have a good deal to invest in since Hard Money Lenders do due diligence on the property prior to lending.   Please feel free to message me with any questions!


    Tara

    2Reply
  • Michele B.
    Vandalia, MI 路 Member since 2018 路 569 posts 路 264 votes
    8y

    I am unsure what you mean by trusted investor.  A bank? a mortgage broker? those are all trusted?  I think for your first thing you need is education on what you are about to do.  Read Read Read.  Find a deal, ask us on here if we think it works, put it under contract and then go find a lender that you can sit down with and trust.  A bank is there to make loans only a small percentages of loans are said yes to.  Make sure that you have good information from them.  Try to go to more than one institution and get numbers and data on what they can do for you. Or you can find a business consultant that will do this for you.  Figure out what it is you want to do. 

    If you have any more questions or if I was unclear tag me and I will respond. 

    Good Luck!

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
    8y

    pricing these days for HML is based on experience No experience pretty expensive ..

    so in my mind first few out of the gate I would do this with an equity partner safer and less frustrating than trying to go HML once you can show a few successful flips under your belt the HML route will be easier and less expensive..

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  • Dellener Crayton
    OP
    Philadelphia 路 Member since 2018 路 12 posts 路 2 votes
    8y

    @Michele thank you for the advice I'm definitely not giving up on the educating myself I 馃槏 reading. It was an typo it was to say a trusted private lender.  I was working and trying to create my post! I'm just excited and anxious to get out there I guess but I know I shouldnt jump on the first thing I hear and I absolutely should be focused and equipped when negotiating is in play. I've downloaded a few of the reads I'm going to get into reading tonight.

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  • Michele B.
    Vandalia, MI 路 Member since 2018 路 569 posts 路 264 votes
    8y

    Just remember reading a book you purchased from an author who is an investor might have some great ideas in it but they are selling that book and there is a lot of free information out there.  I can buy a book about making a space shuttle doesn't mean I can build one.  

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