Rental Property Investor · Washington, DC · Member since 2018 · 6 posts · 1 vote
Hey guys! I’m new to the Real Estate world and looking to finally get my feet wet! I have a property that I’m interested in and was told it needs to be cash. Spoke to my brother about the situation and he said I needed a Hard Money Loan. Not sure what that means though. Any advice or connections would be greatly appreciated!
Flipper/Rehabber · North Brunswick, NJ · Member since 2017 · 141 posts · 104 votes
7y
Hard money is a short term loan that can typically close within 2 weeks. It's pretty much the same as cash and they give you a loan based off the asset not your financial situation. Hard money is typically expensive with points, interest, and etc but it's a good tool to use when getting started. What state is the property in? I might know a lender depending on your state
Flipper/Rehabber · North Brunswick, NJ · Member since 2017 · 141 posts · 104 votes
7y
I'm in New Jersey so I wouldn't be familiar with any lenders out there. I'm sure you could find a few on Bigger pockets or even from a simple google search. It's just vital to vet them out and find out if their legit or not.