All Forum Posts by: Dan Kim

Hello BP community,

So I’ve lined up a great agent, contractor, and hard money lender. I’m having trouble finding private money lending specifically for that 20% down on the hard money loan. 
If my goal is OPM, just wondering if anyone has recommendations on how they found their private lenders. Thanks!

I am very surprised at how much hard money eats up hard earned profit. Great for instant capital up front, but can’t seem to justify all the fees and interest. 
Any advice on how one can look for private money? It seems it’s mostly via ones network, family and friends.

@Alan F. Thanks for the encouragement and info. As I am reviewing hard money loans, I see in their breakdown a fee for builder’s insurance. I’ve heard stories so I’m glad this can help protect investors.

 @Konstantin Ginzburg I'm seeing there are so many lending options/packages out there. It can be overwhelming going through each one, but fun to figure out what will work best for what I'm trying to do. I appreciate this.

@Nicholas L. I appreciate this information, both for reinforcing what I've learned thus far, and also adding new info. Very exciting.

@Nicholas L.

as I'm just getting started, the first 3 properties I've seen so far are listed ones. When doing my "studying" up 'til now, I was set on finding things off market, but realizing my strengths aren't in the door to door, cold calling. And I keep hearing not so good things dealing with wholesalers. But, I'm willing to try and learn at this point.

I did learn to run comps conservatively, thanks for that. In terms of costs beyond purchase and renovations, its things like utilities, taxes, closing, time on the market?

I'm interested in one property now, but wanted to place a bid once I've spoken to a couple contractors. That's still in progress.

 @Nicholas L. As of now, I have 2 agents I'm working with. I saw property today and have been speaking to hard money/private lenders, as well as talking to contractors, to prepare for when I'm ready to place an offer. I do have capital saved up in case a lender needs 20%, and settlement costs. I admit, it's nervous energy now, but it's education I need to finally apply (carefully). I'll take any advice.

 @Justin Hammerle Great info, Justin. I appreciate it as I'm learning much from the replies here. Ideally, I'll be looking for private lenders but am speaking to hard money lenders specifically for the fix and flip. Eventually, I will network with other lenders when I'm ready to buy and hold.

 @Kyle Ebersole I truly appreciate your response. Just saw a property today I'm interested in and am looking for options with private/hard money. I'm already seeing that networking with good people is essential.

@Noah Bacon thanks! I’ll check it out