Real Estate Agent · Tampa, FL · Member since 2020 · 20 posts · 7 votes
I am a new investor and I was wondering if those who have used a hard money lender found it to be worth the hefty price tag of buying points for the loan or is it better to save up and use your own money? Also, what strategy would you go with to gather others to invest with you on a project?
Flipper/Rehabber · Tampa, FL · Member since 2018 · 56 posts · 16 votes
6y
@Chibuzo Umeh
Hi there! I found using hard money gave me the opportunity to get started investing sooner than I would have without it, so for me it was worth it. I work with a fantastic lender who works well with his consistent clients. Feel free to reach out for more details. Obviously, you stand to make more with cash. But getting started, just take your loan costs into account, and negotiate your deals accordingly.
Real Estate Agent · Tampa, FL · Member since 2020 · 20 posts · 7 votes
6y
Hi @Daniel A. Abreu thanks for your input! Please feel free to share your resources as needed as I have been doing some research on hard money lenders and the "cost" to use them just doesn't sit well with me even with a property that makes sense. I guess in the end, as the 1st investment, the knowledge is the best ROI.