Fresno, CA · Member since 2018 · 2 posts · 0 votes
(Q). Do i need to have capital of my own to invest in a house like foreclosures or foreclosed home, or can work with a hard money lender to help me and the funds i need to fix the house too??
Great question Juan, my expertise is not in hard money lending or foreclosures but i have a solid real estate background
Being that you are new to the game, all hard money lenders will require you to put money down on the purchase of any home, and will maybe finance 90% of the rehab cost. Once you gain more experience, success the numbers change and you will need less and less money down
@Juan Espinoza Most Hard Money Lenders will lend 75-85% of cost and you will need to have proof of funds that you can cover the rest of the amount. There are hard money lenders out there that lend 100% but there a lot of fees and points involved. So make sure you do your homework and find something that best suits your needs.