Glorified in Podcasts? Realities of obtaining Hard Money
As a new investor I, along with what appear to be many others, have fallen under the BRRRR spell with all of the benefits that it can provide. Over the past few months I have began working with individuals in my local area in an attempt to develop actionable steps and have began finding that it might not be as straight forward as some of the podcasts make it out to be.
The main subject area I am talking about is obtaining Hard Money as an option to fund BRRRR for those who do not have an ample supply of cash on hand. In many of the podcasts this is made out to be a very simple process as lenders look at the property not you, low credit not an issue, no money out of your pocket, etc. however, in all reality, you need quite a bit of liquid cash for down payments, collateral, etc.
Can anyone shed some light on the realities of what hard money lenders look for in regards to prior experience, liquid cash on hand, down payments, etc.?