Rental Property Investor · Miami, FL · Member since 2018 · 17 posts · 3 votes
Do you already have to have a deal present in order to obtain a hard money loan? Or can you see how much a lender would offer you for the loan and then start looking for a deal?
Great question! I would start by finding lenders and establishing relationships. What kind of deals do they like to lend on, what area do they focus on- do they have any references? It has to be a good fit, not everyone who has money to lend is great to work with. You can be looking for good deals at the same time. If it is a good deal, it will go fast and you want those lenders so you can make offers.
Great question! I would start by finding lenders and establishing relationships. What kind of deals do they like to lend on, what area do they focus on- do they have any references? It has to be a good fit, not everyone who has money to lend is great to work with. You can be looking for good deals at the same time. If it is a good deal, it will go fast and you want those lenders so you can make offers.
@Odie Ayaga okay. Thank you for the advice, I wasn’t sure if it was a good idea to reach out before coming with a proposed project out of fear of wasting their time.
@Account Closed I always find it easier to talk to clients before they find a property if they're newer because it grounds them in reality in terms of how much they're going to need at closing and what kind of terms they can expect. Some people end up realizing it's not the time for them to be buying or that they need to find a partner or change their strategy. Better to find out then than after they have something under contract.