Hard Money Loan

[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.

[Chris Seveney]

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.