Hard money lenders near Erie Pennsylvania for out of state flip
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!
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.
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.