Columbia, SC · Member since 2018 · 3 posts · 0 votes
Recently I have found an Hard money lender to fund my journey of Real Estate Investing. I am looking to get into Residential Rentals in Columbia, SC. I am 23 and my capital isn't where it needs to be for the down payment required. My credit is great and I have no car loans or a mortgage. I am a Realtor and have founds deals on the market that makes it worth the investment. My question is could I take out a personal loan or business loan to cover the down payment?
Real Estate Agent · Tampa, FL · Member since 2020 · 411 posts · 373 votes
5y
Hard money debt servicing costs go in with the regular mortgage cost for the ongoing total debt servicing cost which, combined with taxes, gets subtracted from NOI to give you the cash flow number. When you get a payment estimate for the hard money that should tell you if the deal is a fit for your cash position or lack thereof.