Wilmington, CA · Member since 2017 · 5 posts · 0 votes
Hi BP!
This is my first post discussion and I have a question about how you go about these 'Hard Money or All Cash" deals. I saw a duplex for sale but the listing states hard money or all cash with a quick close. I don't have the cash to pay the full amount, just the 20% down payment. How do I go about (strategies) getting a loan for such properties that call for cash/hard money and what should you do as far as due diligence or steps to take before even getting a loan? Do I approach the listing agent and ask for a walk-through of the house to check the condition of the houses? Any input is much appreciated.
If the deal is a good one, there will be someone who wants to fund it. I have not used hard money, yet, but I know a few hard money lenders and probably will in the next year. Maybe find local people through your local real estate investment group. Definitely do a walk through and get a good idea of what you would need to rehab, and how much it would cost. That is good practice whether or not you get this deal. Put your numbers together, and then you can show it as an example to a hard money lender, as well as be ready to make an offer. Some people like to get it under contract first and then find the money. At that point, you need to be ready to move fast. Good luck!