Where can I learn the in-depth details of hard money? I need to figure out how to write a solid offer for a foreclosure which requires a pre-approval letter or proof of funds.
In other words, If you wanted to buy a HUD home for a fix and flip, and finance the majority of the purchase with hard money, how would you go about doing that?
Thanks, - Eric
@Eric Andrews google for HMLs in your area and ask them how you can get pre-approved. That's what I did and after some paperwork I was approved for $X. So every time I put in an all cash offer I asked the HML to generate another proof of funds letter to go along with my cash offer.
Be careful with HMLs - they can be pretty expensive. Make sure you fully understand the mechanics, fees (explicit and hidden), and your P&L impact after financing.
Leverage is a two way street.
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