Hi BP Team,
I am a investor out of Athens GA and have 13 rental properties today. I am looking into the Hard Money side of things and am looking for input. I have checked out BRRR strategy but am hung up on still needing to put down the 25% for Hard Money. I understand hard money can close quickly but if I had the 25% I would just continue to use my portfolio lender who charges much lower rates. What are some ways to over come this?
You shouldn't be needing to put 25% down on hard money, especially in GA. You should have plenty of options for 10% down (covers the rehab as well), especially if you have 13 rentals already. Feel free to PM me if you need contacts.
But also depends on the price points you're looking at as well. Some lenders advertise 10%, but with all of their fixed fees and whatnot, at a lower price point (like $50k) it comes out looking like 20%.
Good to hear! I reached out to a few of the Hard Money Lenders here on BP and got the 20 to 25% DP. I'll shoot you a message and we can talk about a few things.
Hope things are going well on the west coast. Seattle is one of my favorite cities.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.