Hard Money in Little Rock, Arkansas
Investment Info:
Single-family residence hard money loan investment in Little Rock.
Purchase price: $35,000
Cash invested: $25,000
Contributors:
Braden Jones,
Kramer Stewart
This was my first hard money loan to some aspiring investors needing cash to buy and rehab a house. My company provided the funds to purchase the property and provide money for rehab.
What made you interested in investing in this type of deal?
I am an experienced real estate investor, but had never operated as a loan agent before. I know how hard it can be out there so I wanted to give back and expand my own skill set at the same time.
How did you find this deal and how did you negotiate it?
Ironically, Braden and Kramer found me on BP asking if I knew of any hard money lenders. I said, "I might be interested in doing that for you!" The rest is history.
How did you finance this deal?
I am in a fortunate position that I have cash available to lend.
How did you add value to the deal?
I have owned 6 rentals over the years and rehabbed several homes. I have learned how hard it can be. I added value by making it easy for my borrowers by making the deal no cash out of pocket and offering recommendations for local contractors.
What was the outcome?
Creek Cash Flow LLC is almost finished with the house.
Lessons learned? Challenges?
Have a system. Build repeatable processes.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andrew Adkins at American Abstract & Title Co in Little Rock, AR.