help with first deal

[Justin Lowe]

Hello,
I have a property close to my house that is need of alot of repair and has been foreclosed on. Perfect for a rehab and rent or flip. I have done some leg work and found out that countrywide (now BofA) has it. The ending balance of the previous owner was 80,000. The value of the house after repairs would be around 100,000 i believe.
Should I try to call the foreclosure dept at BofA?
Also what would be the best way to finance this house? I dont have the typically 20% required by banks. Maybe hard money? So, do I try to get the purchase approved before approaching hard money lenders? And do they loan enough for the actual rehabbing?
I live in Indiana, if that is needed in helping me out.
Thank you for your help with this.

[John Marion]

Hard money lenders, since they are private lenders with their own terms, can loan money based on whatever criteria each one of them has for their own money lending business.

I have found that most hard money lenders these days require both the property to be a good deal and for the investor to have good credit. They also expect you to bring money into the deal in most cases.

Originally posted by justin lowe:

It was my understanding that hard money lenders awarded money based on the property and not necessarily the person. If this is the case, how does one get preapproved before knowing the property?
Thanks again.