Updated almost 10 years ago on . Most recent reply
hard money loan advice
Ive been reading about hard money loans and other types of ways to access cash. Anybody have experience with this? And if so can you please share your experience/advice. Thanks
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Hello and welcome to BP! For what it is worth this 59 year old has a little bit experience in learning about these people. I beleive that hey can be easy for you but are short term lenders that charge high rates.they might give you a year but you have to have a property that you can renovate and sell within a year. If not, you'll have to refinance and pay them off. Profit splitting can help you out a little but just know everything is negotiable.
You will probably be better off with owner financing or "house hacking" if they are an option. I kind of think of a Hard Money Lender as the last resort. You might have he oppotunity to get a Partner that has money. It depends on what kind of a deal you have and how well you can put the paperwork together. No matter what you decide to do you need to sound like you know what you are doing. Good luck to you!