Updated almost 9 years ago on . Most recent reply
LOAN ATTORNEY/HARD MONEY ADVICE
Hi, I'm new to real investing. Im currently working on using the BRRRR strategy in suburbs of chicago. I plan on using a hard money lender and if anybody knows an attorney that would help me read over the contract would be awesome. Also if anybody has any creative ideas on funding that would be awesome. Thank Yall for reading this.
Most Popular Reply
Seller financing is king, but if you must use hard money, be sure you have 20-30% of the purchase price for downpayment, fees, and carrying costs. Many a borrower has run into trouble by not being prepared for the expenses involved in closing the loan, completing the rehab, and holding/marketing the property till the sale. Hard money lenders want you to be successful. When you're successful, they're successful (i.e. they get the return on their money). I broker in most states, including Illinois. Let's discuss your real estate investing goals. Your road to funding starts here!