All Forum Posts by: Cody Richard

@Matt Hurley Makes sense! Thanks for the help.

@Matt Hurley Thanks for the information! Are the 0% APR business cards you referred to being used in tandem with hard money lending? I assume that's what you are referring to when you mention "receive draw". Are there scenarios where the hard money lender would not provide the draw? If so, how is this risk mitigated?

@Dante Foreman I wouldn’t expect it to be more time consuming than raising the funds for rehab another way, but it sounds like your experience is different! How do you typically raise money for your rehabs?

@Matt Hurley Thanks for all the great information! It sounds like the major key (or one major key) is to make sure you purchase the property far below the ARV. That's definitely good to know as I analyze more deals going forward!

Wanted to get input from experienced investors in the BP community that have used hard money in the past as part of a BRRRR investment. I have a couple questions that I am hoping the community could help answer!

- What major benefits have you found from using hard money?

- What pitfalls should investors be aware of when using hard money lenders?

- Is there any insights you've gained using hard money lenders that would be useful for a new investor to know?

@Jonathan Marcus I appreciate the detailed insight! This definitely seems like a way to add value to sellers based on their needs. For a new investor, I’m not fully versed on all the possibilities out there. Would you recommend anything is possible until told otherwise? Or do you have another method for mapping seller problems to creative solutions?

@Austin Neal thanks for the clarification Austin! I appreciate the help!

@Austin Neal Congrats on the success with your process! I like the simplicity, yet power of the idea. For this concept, where do the rehab costs come from for the property? Is the goal to have a low enough purchase price to include the repairs in the ARV?

@Albert Bui Thanks for the information! That's unfortunate regarding the Freddie Mac loan. I know there is at least one lender in my area that has a 10% down loan program they offer. I'll have to look around a bit more to understand which other hard-money/creative options are out there.

@Andrew Postell Thanks for the advice! I'll look more into the Fannie Mae and Freddie Mac loan options to see what is available.