Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
7y
I haven't personally, but it will depend on your goals. There are a lot of hard money lenders out there that are almost predatory because their rates and fees are so high.
Talk to local investors in your area. They will know who the reputable private or hard money lenders are and can advise you on who to use and who to stay away from.
Lender · Greenwood Village, CO · Member since 2016 · 40 posts · 20 votes
7y
Good advice, @Cassi Justiz. Hard Money lending comes at a higher cost. This is driven by greater risk factors and higher cost of capital we pay compared to banks. Our business is primarily driven by word of mouth. Shop around, but ALWAYS ask fellow investors what experiences and opinions they have about the lender.
Rental Property Investor · Houston, TX · Member since 2018 · 37 posts · 12 votes
7y
Thank you @Cassi Justiz and @Jason Richards that was my gut feeling as well. Since joining BP and Connected Investor, I have been bombarded with Hard Money lenders and just was not sure if this was a feasible option. Several PI have also reached out to me as well. Thanks for the information.