Newbie, where to start

6 Replies

Hello I am new to BP and trying to figure where to start on a flip. Main question is should I shoot for the bank or a hard money lender. The bank wants 20% down is what I am reading in most cases and the hard money lenders I did come across couldn't help because I have no prior flips under my belt. Suggestion?

Originally posted by @Tisha Croom :

Hello I am new to BP and trying to figure where to start on a flip. Main question is should I shoot for the bank or a hard money lender. The bank wants 20% down is what I am reading in most cases and the hard money lenders I did come across couldn't help because I have no prior flips under my belt. Suggestion?

 Hello and welcome! Best of luck to you! 

Wellll my meeting was with Dohardmoney and they supposedly was going to give me $250k but I had to put $3495.00 down and no refund policy I didn't feel comfortable at all and he wanted a decision right then I told him I would call him back I got on BBB website and was horrified at the complaints. They were taking people's $3400 and not funding deals etc. So discouraged already.

Tisha, lack of deal experience is a factor, but not a deal killer for us hard money lenders (everyone is different).  To offset the experience, you should be prepared to bring a little more money to the table.  Not as a cash payment to lender up front, but as cash equity in the deal to be funded at closing.  Shop around, you should be able to find workable options.  One of the main benefits we offer is the ability to move quickly.  Something most banks are unable/unwilling to do.  Time can be the difference between winning and losing a deal.

@Tisha Croom I'd definitely recommend getting out there and networking with people in the industry to get recommendations. Find people that you connect with, and ask them who they use! I'd much rather go with a lender that people I know are using regularly to do deals.

Best wishes getting started!