Needing some beginner advice on Hard Money Lending
Hey all, Newbie looking to get started on my first deal. I was unemployed due to a medical injury for a good while, but recently back up and moving the last few months. I'm self employed, and recently found bigger pockets. I'm still getting my personal financials up and running, only 3000.00 or so saved currently.
Today I found a what I believe to be a killer deal, 50-55,000 purchase cost for a triplex with 3 1/1 units that will rent at 650.00 easily per unit. Exterior needs paint, interior is thrashed from transient occupancy. It's in a heavily rented area for farm workers, so would be filled quickly.
I'm hoping to find a hard money Loan for purchase and rehab, around 95,000 total I'm estimating currently. Assuming to be appraised at 180,000+ ARV
I'm currently working with the calculators to get total info, but wanted to get some advice from others who maybe have been in the same boat. I'm a newbie, though not unfamiliar with the rehab process, and my personal financials aren't stellar
Thank you for any Input