Updated over 4 years ago on . Most recent reply
First flip and question about financing
So I have my first off market deal. Not 100% sure how to setup the financing side. They want $120k cash. I have little over half that and would need to come up with the other. Do I finance or find a hard money lender? If so, where do you find them? I am in the upstate area of Greenville, SC. I have to make sure that whoever I deal with is 100% legit and trustworthy, licenses, bonded, etc. Just looking for some advice for my first one.
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Hi There! If the renovation will take 6 months of less, I’d suggest you go with a hard money lender. If you go with a hard money lender, expect to pay an interest rate between 9 and 12 percent along with 1 to 3 points. Check with your local real estate group or the bigger pockets hard money lending directory to find a good hard money lender. Try to find a lender in your area, as they will have more flexible terms as opposed to a national lender.