private lenders/hard money loans
I've never dealt with a private lender or hard money lender before. My question is, is it possible to obtain a private lender or hard money loan for the sole purpose of getting a deal to wholesale. Instead of trying to lock up the property under contract and assigning the deal over. Is it possible just to use the cash from a private or hard money lender to obtain the property and still wholesale it out? Still as a all cash deal? Granted there is points,interest,etc involved, but if its at a low enough price where everyone is satisfied would lenders loan cash for short, I guess very short term loans? Further more or is it possible to for the same scenario for a property that has tenants? And you use the monthly payments to pay on your loan until you wholesale the property. Again its just for a wholesale deal no rehab or nothing like that. Just looking for alternative ways to lock up deals. Thanks