Hard Money Loan

Memphis, Tennessee
Buying & Selling Real Estate
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Hard Money Loan

Jasmyne Rucker
Member since 2025 · 10 posts · 7 votes

Any experience with hard money loans for first time investors? Looking to buy, flip, and sell my first property. My first property is what will ultimately open the financial freedom to fund the next. It will also be the door that opens my investment business. Also, should I create a LLC or go another route? I've been researching, but I'm more of a person who prefers speaking directly to someone knowledgeable. Want to buy my first in about 30-60 days.

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Jasmyne Rucker:

Any experience with hard money loans for first time investors? Looking to buy, flip, and sell my first property. My first property is what will ultimately open the financial freedom to fund the next. It will also be the door that opens my investment business. Also, should I create a LLC or go another route? I've been researching, but I'm more of a person who prefers speaking directly to someone knowledgeable. Want to buy my first in about 30-60 days.

If you are looking to close in 30 to 60 days, start talking to hard money lenders now. You need to confirm you actually qualify and understand what they will require from you, especially as a first-time investor. Many say they fund first deals, but they will still want to see your plan, cash reserves, and exit strategy.

As for the LLC, it is not required to start, but some lenders prefer or even require it. Focus first on getting the deal and financing lined up, then you can handle the entity setup based on how the lender wants it structured as a LLC can be setup very quickly.


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  • Nicholas Kimani
    Member since 2025 · 10 posts · 3 votes
    1y

    Definitely set up an LLC. You may want to look into the benefits of holding all your properties in a trust eventually.

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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 679 votes
    1y
    Quote from @Jasmyne Rucker:

    Any experience with hard money loans for first time investors? Looking to buy, flip, and sell my first property. My first property is what will ultimately open the financial freedom to fund the next. It will also be the door that opens my investment business. Also, should I create a LLC or go another route? I've been researching, but I'm more of a person who prefers speaking directly to someone knowledgeable. Want to buy my first in about 30-60 days.


     Jasmyne, lots of fantastic questions here. Excited to hear that you’re so enthusiastic about your first fix and flip! There are a bunch of great hard money loan products out there, but it really boils down to the proper education and training you get from the people you work with. Would love to connect and teach you the inside and out about the world of hard money lending. Happy to connect anytime! 

    [email protected]860-538-3672
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  • Drago Stanimirovic
    New to Real Estate · Miami, FL · Member since 2024 · 1k+ posts · 479 votes
    1y

    Absolutely, hard money loans can be a great fit for first-time flippers, especially when speed and flexibility matter. Even as a new investor, the right lender will focus on the strength of the deal and support you through the process. Setting up an LLC is a smart move too, it adds protection and makes you look more professional to lenders and contractors alike.

    If you're planning to buy in the next 30–60 days, it's the perfect time to start those conversations and get everything lined up.

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  • Nicholas Kimani
    Member since 2025 · 10 posts · 3 votes
    1y

    Hey.   What city are you in ? 

    I have a few hard money lenders locally in St Louis.      

    They qualify the property so your credit or income is not an issue.     

    I have closed within 4 days on several occasions.

    Some require that you have at least the fix up money.     

    You do need to operate as an LLC though.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y
    Quote from @Jasmyne Rucker:

    Any experience with hard money loans for first time investors? Looking to buy, flip, and sell my first property. My first property is what will ultimately open the financial freedom to fund the next. It will also be the door that opens my investment business. Also, should I create a LLC or go another route? I've been researching, but I'm more of a person who prefers speaking directly to someone knowledgeable. Want to buy my first in about 30-60 days.

    If you are looking to close in 30 to 60 days, start talking to hard money lenders now. You need to confirm you actually qualify and understand what they will require from you, especially as a first-time investor. Many say they fund first deals, but they will still want to see your plan, cash reserves, and exit strategy.

    As for the LLC, it is not required to start, but some lenders prefer or even require it. Focus first on getting the deal and financing lined up, then you can handle the entity setup based on how the lender wants it structured as a LLC can be setup very quickly.


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  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 663 votes
    1y

    Jasmyne, I urge you to make sure you are ready to actually jump in.  Being ready means:  700+ credit, 50k in capital, and a psyche knowing it may be a roller coaster till the end and winning is no guarantee.  Whatever capital you put into project 1, may not come back.  Especially if the GC piece is any kind of a ?.  taking a house from a distressed state to a comp rival in 6 months takes incredible knowhow, access to the technical skills needed, tackle all unforeseen roadblocks, and then pray the market cooperates while you hold a property for 6 months.

    For Hard Money Loans, you will need an LLC. Once you get into this for a few years, you'll have a few LLCs.

    But, take a day, and think about this.  Pretend, you took your shot in RE before and you blew every penny you had on a deal and wound up losing the house.  Now, you drove UBER or worked at WaWa graveyard for however many years to get it all back.  Would you take another shot?

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  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    1y

    @Jasmyne Rucker welcome to BP. As other have said start networking with Hard money lenders now. Find out what their criteria are for loans and whet they might lend you for a first deal. 

    It is great to be motivated but 30-60 days to do your first deal may be too fast. The goal is not just to do a deal ,the goal is to do a deal that makes money. I suggest you learn all the hidden costs and how to evaluate deals before jumping into a bad deal. 

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  • Jeb Durgin
    Lender · South Lake Tahoe, CA · Member since 2019 · 109 posts · 36 votes
    1y
    Quote from @Jasmyne Rucker:

    Any experience with hard money loans for first time investors? Looking to buy, flip, and sell my first property. My first property is what will ultimately open the financial freedom to fund the next. It will also be the door that opens my investment business. Also, should I create a LLC or go another route? I've been researching, but I'm more of a person who prefers speaking directly to someone knowledgeable. Want to buy my first in about 30-60 days.


    Definately get the LLC started sooner than later (even though you can likely get one set up AFTER you get a property under contract as long as you have 2 to 3 weeks to close) a few other bit of information that might help you is trying to keep your capital liquid and keeping your credit score up would be helpful for most lenders. They're less worried about debt-to-income tax returns and W-2s. They want to know about cash credit and experience.

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  • LaMancha Sims
    Lender · Fayetteville, GA · Member since 2019 · 241 posts · 41 votes
    1y

    Hi Jasmyne, Hard Money Lender Here Let's Connect...

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