Buying & Selling Real Estate Discussion

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Hard money lenders near Erie Pennsylvania for out of state flip

Posted Aug 11 2022, 22:16

I'm looking for help. I need a hard money lender that works in Erie Pennsylvania for my first house flip or if I can find a private lender that will be good any tips on investing in Pennsylvania? And for lenders for my first house flip? I live in Vallejo California and I want to have my first property I'm 21 and I don't want to waste any more time out of the market but in the market. Any help will be greatly appreciated. Thank you!

Pittsburgh, Pennsylvania

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Replied Aug 12 2022, 05:25

@Angel Celis Lopez

will this be your very first flip?  do you have other team members lined up - contractor, agent, etc.?

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Andrew Garcia
  • Lender
  • Charlotte, NC
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Andrew Garcia
  • Lender
  • Charlotte, NC
Replied Aug 12 2022, 06:16

Hi @Angel Celis Lopez, I do not know any private or hard money lenders but I can refer you to a non-QM lender. 

The loans are similar but have more structured guidelines.

Feel free to shoot me a message if you would like to get connected.

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Zachary Jensen
  • Lender
  • San Diego, CA
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Zachary Jensen
  • Lender
  • San Diego, CA
Replied Aug 12 2022, 09:35

Hey Angel! I am a private money lender and can share a bit out what we private money lenders look for: 

Generally you need to be able to explain the deal. A few questions we would ask are: 

Why do you like the deal?

can you give a summary of scope of work with budget? 

how long is this going to take for me to get my money back, generally known as "check to check" 

Who is managing the deal? That would be you in this case overseeing operations

Talk about comps in the neighborhood? Can you provide accurate comp. 

Purchase price what’s the deal?

Where is value being created whether it be through improvements or under-market purchase? 

After that, you can get into financing. Generally, since you are a first-time borrower your terms are not going to be as good as they could be. Also since you don't have a ton of experience that is also going to affect your rate and terms. That does not mean it's impossible! you just need to either find a partner with money for the deal or come to the table with your own cash for the downpayment. 

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Michael Kinsella
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Replied Aug 12 2022, 11:07

Two good starting points in your HML search...

1. The Network --> Hard Money Lenders tab on BiggerPockets where you can filter by state.

2. Local REIA events which typically have HML reps and other investors who have used HMLs in attendance.

Best,

Michael

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Ryan Deasy
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  • New Britain, CT
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Ryan Deasy
  • Lender
  • New Britain, CT
Replied Aug 15 2022, 12:07

@Angel Celis Lopez

hi, most HMLs can work across state lines. i have a great one that i have used many times in CT. happy to share details.

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Replied Aug 16 2022, 15:33

Yes Ryan thank you I appreciate it! What's they're information?

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Replied Oct 12 2022, 21:49

@Ryan Deasy Hello, I'm seeking HML for a few of my property's, can you aide me with some information? Thanks

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Ryan Deasy
  • Lender
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Ryan Deasy
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  • New Britain, CT
Replied Oct 13 2022, 07:25

@Jasha Bennett

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Ryan Deasy
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Ryan Deasy
  • Lender
  • New Britain, CT
Replied Oct 13 2022, 07:25

@Jasha Bennett sure can! i will send you a message

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Ryan Deasy
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Ryan Deasy
  • Lender
  • New Britain, CT
Replied Oct 13 2022, 07:26

@Angel Celis Lopez sorry! i did not see your message. sending you a message now

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