Hard Money Qualifying

[Randy Coker]

A couple of weeks ago I was attending a tax auction in my area. Although most went for far above market value for the properties, there were a couple of great deals that could have been picked up in my area that would cash flow. This situation got me thinking. Is it possible to get qualified for a hard money loan before you go to these events. Seems difficult since you do not know what is a possible purchase until that moment. I think I am going to get a HELOC for next time. Thank you in advance for PB endless wisdom.

[Michael Kieffer]

@Randy Coker Most hard money lenders will require an appraisal which means any closing will take 7 to 14 days. I've worked with a lender who will do a Hard Money Refi, meaning you would have to buy the property cash at closing (auction), but then 14 days later you get 90% of your money back.