Investor Loans and Hard Money Lenders

[Demon S Rogers]

Hello everyone I have questions on investment loans, and hard money lenders. I'm working on getting my first investment and entertaining the possibility of auctions and foreclosure using hard money (private lender) to close the deal then refinancing out using traditional lending. Is this possible? Questions I have about private lending do they check your credit and run and application as an traditional lender would the only difference is they are using the assest as collateral? And would this show up on my credit report when I go to refinance.

In regards to investment loans is a 4 or 5% interest rate really that bad? I'm thinking about this lending strategy because I'm not sure if I want to have to live in a property for the first year like most loans require before renting out and I'm not sure if I want to lie about living there to get a better rate not sure if people do this or not. It might bring my cash flow down but I won't have to worry about someone finding out. If anybody has an investment loan if they could tell their experience with them that would be great... Thank anyone for answering , I'm unsure about taking the leap because I want to know more options available to me so I can make a informed decision for my situation.. Thank you all.