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Updated almost 3 years ago on . Most recent reply

User Stats

11
Posts
6
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Jonathan Chu
  • Contractor
  • Los Angeles CA (los angeles, ca)
6
Votes |
11
Posts

Would a hard money lender lend to a newbie

Jonathan Chu
  • Contractor
  • Los Angeles CA (los angeles, ca)
Posted

Hello, 

I'm looking into purchasing my first investment property and would like to use hard money  or private money to finance the purchase if is possible for a newbie? would they even consider?  My back ground is construction so I am comfortable with the rehab process. 

( I do have cash available, but would love to gain experience with leverage )

I am aware of the current market situation, so everything would be in the assumption of having a great deal in hand. 

Thank you very much for your time, and all feed back is much appreciated. 

Most Popular Reply

User Stats

319
Posts
156
Votes
Issac San Miguel
  • Lender
  • Austin Texas
156
Votes |
319
Posts
Issac San Miguel
  • Lender
  • Austin Texas
Replied

Agreed, as direct lender, we lend to first time investors. Cash is king, and rates are less favorable than those with experience. 

Ultimately, loyalty and repeat borrowers have more negotiating room as time goes on. 

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