All Forum Posts by: Odie Ayaga

@Daron Williams don't leave a space after the @ and select the person from the drop-down

As @Frank Hinck said the simple answer is no. You cannot use hard money on an owner-occupied property.

How young is young? I've never had a lender scrutinize age both when using or working for lenders. I'm sure if you're 12 they'll have a problem though

Hi Cordero,

Do you have particular terms you're looking to meet or not so much so long as you can get 100% financing?

Your best bet would be to ask them directly. Some lenders use the terms interchangeably while others use bridge to refer to transactional lending, bridge to construction lending etc

Start by determining what it is you want or need. Is it a high LTV? Is it lower interest rate? Less points? Those are good guide posts to figuring out what kind of financing you need to look for

Typically portfolio lenders won't lend rehab costs. Figure out how extensive the rehab is. That will begin to tell you whether or not it make sense to go the route of a hard money lender. Keep in mind, if you're intent is to BRRRR you have to consider the costs of a refi and have a refi lender set up.

Similar to above you can do a hard money refi when you're ready to get some of your money out as well as the rehab money

Many HMLs can provide referrals just on people they've met or worked with but if you're new I'd look into finding and vetting my own. What exactly are you looking for in a lender?

That's a little like asking what the best job to get is. It all depends on your goals and personality; there is no "best". Buying storage facilities or graveyard property might work for some while vacation rentals and notes might work for others. You have to start by determining the level of risk you want and how much work you want to put in and go from there.