First deal Need help

3 Replies

A deal has come up That believe is a great deal.  Only thing is I dont have enough for a down. I could partner up but My network is still small. My plan is Find Hard money lender buy the home then refi after 2 months. Please let me know your thoughts. good bad. I'll take it all. Message if you would like details. thanks everyone BP is the ish!!!

You didn't say but I am guessing this is a buy and hold deal.  Hard money lenders will generally expect you to have money in the deal, so you will likely need a down payment anyway.  Also are you sure you can refi in 2 months? Most lenders will want some seasoning and will expect you to have equity or at least be at a very low loan to value 65%~

If you don't have any money for a down payment are you ready to do rentals? Rentals and flips require cash reserves. If you have no money you are counting on everything going right, that is a big risk.

@Ned Carey  

 I have cash in hand but I short a few grand. Breakdown is 

Home-35k

Down at 25%-8750

cash-5k

updated (2family)

cashflow- 500 monthly

I'm not wishing on a star but looking for help I guess Thanks for the heads up.

If hard money wants a down of the same Then I still in the same boat thanks 

Hard money lenders are usually local and make their own terms. I my area they universally want you to have "Skin in the game"  This was not the case in the boom  they would do 100% for the right deal.  This may not be the case in your area but I suspect you will still have issues with the refinance. 

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