All Forum Posts by: Account Closed

You can do a hard money loan you can close quickly on the deal. FYI most hard money lenders require a 25% down not many do 100% financing and if they do there are some points involved. 

@Joel Ubiera I think your better off the hard money lender route. If you need help finding this site has a good search feature. Good Luck!

If it doesn't challenge you it doesn't change you. This definitely challenged you. Just pick up your head and get working on a solution. You got this better things are on their way and stay positive that solution that benefits you will happen.  

@Katlin H. When dealing with a hard money lender  you can explain the reason your credit is down a few points and if you have the money for the down payment and its a good deal the lender wont have a problem with your credit score. Good luck!

@Rashard Dennis They usually require some skin in the game. So usually is 25% depending on the lender. Your credit doesnt have to be perfect but you cant have any outstanding items for example recent bankruptcies, not current on most things. 

Hi Gabriel, as a hard money lender we don't ask question regarding employment but we want to see 6 months of bank statements and some cash flow. We also require your credit doesnt have outstanding items that are past due.  So your job will be real estate investor but we need to see you are making money doing this so you can pay the loan and even more importantl before the 1 yr period is up get out of our loan and refinance is into a conventional loan.

There will be two separate mortgages. 

Welcome @Parris Crockett  you can find hard money lenders in the directory. Good Luck!

@Kat Malkowski You can use the information for a potential deal that you may not made an offer yet. Just know many hard money lenders do require you to have some money to put down and they cover the rest. For Example many hard money lenders will lend 75%-80% of purchase price. Also, do you have the option to withdraw the money from the 401k and putting into a savings account till you are ready to buy? 

I think the LLC route is the way to go if you believe this is something you will be doing in more than one property. Also keep in mind many private lenders wont lend unless your an LLC.