Beginner's financing- Hard money, private or bank?

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I live in southern Virginia and I'm just beginning to get into real estate investing. I'm hoping someone will have some information as to how to finance this journey. Any ideas as to which hard money lenders would be best in my area? Or creative ways to get started without having to use my money?

@Clay Oakes There is a hard money lender list somewhere here on the site. 

Basically use any money you can get. The availability of money is more important than the cost of money. 

Small local banks will tend to be much more flexible than large national banks. They may charge a little higher rate but if it means you con do a deal vs not get a loan it can be worth it.

@Clay Oakes  

I definitely agree with @Ned Carey here. Use anything you can get. 

Banks would be cheapest for buy and hold given everything checks out. 

But for flips and don’t be afraid to use hard money if that's what It takes. It can be expensive I know. But it shouldn’t matter to you how much they are taking as long as the numbers work and you get the profit you were looking for. 

Same with wholesaling. Some people might complain about how much money they take or what not. But that shouldn’t matter to you as long as the numbers work. In fact, don’t even ask what they’re making. 

Of course, private money would be a rather good end goal. Given its versatility and customizability. However, and I can’t stress this enough, get a lawyer. They will be instrumental in making sure your business checks out and you won’t be skinned alive be your state government.

@Josh Black thanks so much. Right now I'm looking for portfolio bank in Roanoke, VA that allows the to refinance with no seasoning period. I do have access to private money, but I'd like to prove myself first to gain that trust! I also have a mentor. I can't wait to get started.

Hi Clay,

Hard money is the best option if you're getting started with none of your own capital. Institutional private money, and conventional lenders require you have experience and skin the game. 


Most mortgage banks have “hard money” lenders in the house, they are non agency products. Could you give me an exact scenario for both flipping and hold so I can give you couple of scenarios?