Hard money lenders for brrrr
Hello all!
I'm an entry level investor who has been reading on the BRRRR process for quite some time now. I'm interested in starting with hard money lenders. I'm looking for any related information and view points from experiences. I'm particularly interested to learn more on calling the loan. Any advice and tips are greatly appreciated.
One hand will for sure wash the other!
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#5 Mortgage Brokers & Lenders Contributor
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#5 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
Welcome to real estate investing.
Here are the four things you have to always remember. They all go hand in hand.
You have to buy the property right. That means you have to get a deal and it has to be a good deal in order for you to be able to buy it, carry the cost, renovate it and then refinance it and stay under 70% of the ARV (after repair value)
Never fall in love with a property. It's a building and its only intrinsic value is what it can do for you and it instantly loses value when it takes money from your pocket.
Know your numbers. You have to be really dialed in to the area you're investing in. Know what's sold and for how much and how long it took for it to be sold. Were there renovations that were made? What was the condition of the property when it was sold. That defines your market.
Always have your financing in place, including your end financing, before you make an offer. If you know your market, you'll have target properties and when they become available, you'll have funds to acquire them and funds to hold them.
Best of luck
Stephanie