Looking to invest in The Villages area

[Steve Wilson]

Hello everyone I am looking to invest in the villages area. My situation is I have excellent credit over 800. I do not have cash . I do own a home however with rising interest rates I really do not want to go the heloc route.  Should I go the hard money lender route or is there any other ideas?  Im a widower so I do not want to use my income but hopefully get 100% financing. Am I living a fantasy or is this possible?  Thank you in advance. 

[William Harvey]

@Steve Wilson I would still look to secure a HELOC on your primary residence. I have one on my house and when I'm not using it, there is nothing I pay on it. And the HELOC rate....while they've certainly risen, I'm almost 100% certain it would be way cheaper than hard money. My HELOC is around 6-7% currently and there are obviously no points. For hard money, we pay 1 point and 12%. HELOC is wayyyy cheaper and access to cash as an investor is paramount. I'd highly recommend looking into this.

As far as your question, I've always used hard money from private individuals and think this is a great option. 100% financing plus reno costs is what we get every time. So, it is certainly not a fantasy. Once you do a deal or two and they go well, you have way more leverage with HML's. The reason I say private individuals is because going with a big lender like Kiavi or Fund That Flip will be a much more rigid process, with more hoops to jump through, and you most likely won't get 100% financing.

With private investors, this is very possible as long as you buy the deal right! Hope this helps!