Hello all, my name is Steve. I bet the majority on this site are use to reading "I'm a newbie" or "what do I do now" and I don't want to sound like that but... lol.
I'm an inspiring, green and impressionable real estate tycoon, like the Monopoly man(awesome top hat included). Some of that was true and some of it was a poor attempt at me trying to be funny. Ok on to the reason I'm posting.
I have my first property under contract and I'm looking at hard money. I ran the numbers, price to rehab, comps sold, comps on the market and I have an ARV value(realtor confirmed my target value). I understand that hard money is based on the property and not on my personal credit history. I have done a few applications online but I haven't heard anything back. Is there anyone that might be able to help?
Any guidance or advice would be a greatly appreciated!
Thank you everyone,
Get on the phone and call them.
Have you gone through this list?
And go to your local REIAs to connect with lenders.
If you don't want to lose the deal, and you can't come up with hard money lender, maybe you can get someone to go into the deal with you, so you'll at least have 50% of a deal.
Welcome to BP! PM me and we can discuss getting you a better experience.
Are you sure your numbers are good? What is your exit strategy?
Thank you @Mark Callazzo . I have messaged you and I look forward to hearing from you.
@John Thedford Yes, I think my numbers are good. The property last sold on 5/16/16 for about 75K more then it's current list price. My exit strategies are: lower the selling price (which will lower my profit margin), hold onto the property until I can refi, possibly a leasing option, and I guess my last would be to scale back my rehab plan and do lite cosmetic repairs.
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