Updated almost 7 years ago on .
1st time flipper - question re: hard money lending
Folks - I am new to flips and looking at hard money lending. Have identified a few properties which I believe will have a good return. I have proof of funds to do the bids - some from a business line of credit and some personal cash. For the actual transaction + rehab I will need to borrow funds.
Experience: I have a rental property for the last 8 years.
Credit: Excellent.
A few questions:
(1) Should I apply for a hard money loan after offer has been accepted or a contract is signed?
(2) What should I look for in a hard money lender?
(3) Any other advice for a 1st time flipper?
Thank you so much in anticipation!
Best Regards,
Roni