Hard Money loans while still in college?

[Tyler L.]

My partner and I have located a few properties we’re interested in flipping. We’re both in college, and while we both have respectable jobs (by college standards) and strong credit, we’re aware that it’ll be very difficult to find hard money loans in our position. Parental co-signing is possible but not probable. Has anyone been in a similar position? Taking in HML while still young enough to not have a proven history? What factors convinced them to agree to the loan? Conversely, for HML and private lenders out there, what factors would cause you to agree to a HML to college students? Would a fantastic deal be enough for you to overlook your lending standard?

[Ryan Blake]

@Tyler L.

I think you are underestimating the ease of hard money.

- Do you have a good deal?

- Do you have a credit score above 620?

- Do you have $20,000 in the bank between the two of you?

If the answer is yes to these three questions, congratulations. You qualify for about 90% of HMLs.