Hard Money and Private Funding

6 Replies

Hello all,

I am new to BiggerPockets and just wanted to introduce myself and let you know I have not purposely been shunning you all.

I have been very busy lately, getting my RE Investing biz starting, looking for properties, etc. I have become a Certified Affordable Housing Provider through Lou Brown's Street Smart program and set out to do a flip to raise more capital for investing. I located a good deal on HUDhomestore.com, but when I approached a hard money guy he wasn't interested.

Since then I set out to search the internet for hardmoney and private lenders, but am encountering some challenges.

I was wondering if anyone can steer me in the right direction to locate a "user friendly" source.

I am located in Tulsa Oklahoma, have flipped one property with a very modest profit - mainly because I had some bad advice from a mentor at the time, and worked with a local private money guy who I do not want to work with again - and I think the feeling is mutual.

(PS I currently own one rental property and my credit score is "fair")

Thanks for any feedback!

Harvey Altemose

Hi @Harvey Altemose and welcome to Bigger Pockets!

Several years ago I used to work with George Sharp of Sharp Mortgage for hard money loans. He would do 100% of purchase price plus repairs, but I think he wanted to be less than about 70% ARV total, so you will have to find an exceptional deal, especially in the current market.

Excellent!

Thank you Nate, I greatly appreciate it!

Harvey

Harvey, Red Dirt & Great Plains are 2 that fund in your area, but they will require a couple of deal for experience. I'll JV with you on the right deal to cover this requirement if interested when you get your next deal under contract shoot me an email [email protected]

Harvey, it sounds like we are in similar positions. Red Dirt and Great Plains are good options. I can get construction covered I think. If you can message me maybe we could discuss how we could partner to get over the start up hump.

Do you know of any investors that fund projects in Texas?

Originally posted by @Clark Childers :

Do you know of any investors that fund projects in Texas?

 YES, Clark-- we do. Texas--non owner occupied up to 80% purchase+ 100% rehab, loan vesting in entity. Can be 6 to 12 months FIX and FLIP or longer term Buy and Hold.