All Forum Posts by: Rose Davis

If one were to get a hard money loan for a flip and say the term is 5 months and the house doesnt sell, what happens if the borrower cannot pay the loan back? Does it go on credit? Will the lender take the property? Will the lender garnish wages?? What are the other cons other than high interest rate if you cant pay back?

If one were to get a hard money loan for a flip and say the term is 5 months and the house doesnt sell, what happens if the borrower cannot pay the loan back? Does it go on credit? Will the lender take the property? Will the lender garnish wages?? What are the other cons other than high interest rate if you cant pay back?

Nicholas Armstrong i have been looking for good deals " worst house on the best block" for deals for less than $50000 and i havent had any luck. Do you have any suggestions on where to find deals? Also when you found the company to do the piggy back was it fha?

I have that same question so hopefully somebody knows the answer and will respond soon!

@Brent Coombs thanks for your input! I am going to search for some multi families and hopefully come across one! My ultimate goal is to have 1 property per year and continue to grow my business, but I want my family to be comfortable as well, so I have alot to think about!

Hi BP Thank you for taking the time out to read my post. I am in a dilemma because I currently own a 3 br 1 bath ranch style home and have the opportunity to purchase my second property and truly start my real estate career. My first thoughts are to get a duplex or triplex to generate more revenue.... But...... The current home we are in now I feel as though my family has over grown it. When i bought the house it was just me and my son and since then I have gotten married and had 2 more kids.... Its only 867 sq ft. I feel as though we need more space, a multi level with bedrooms for each of the kids because there are age gaps. I just need in puts on buying a duplex or somewhat and staying cramped in this house, or making this home my investment property and purchasing a bigger home for my family. Has anybody been in this situation in the beginning of their real estate career? Of course I would only buy a home if it already has equity etc but I would like any input possible! Thanks!

Hi BP Thank you for taking the time out to read my post. I am in a dilemma because I currently own a 3 br 1 bath ranch style home and have the opportunity to purchase my second property and truly start my real estate career. My first thoughts are to get a duplex or triplex to generate more revenue.... But...... The current home we are in now I feel as though my family has over grown it. When i bought the house it was just me and my son and since then I have gotten married and had 2 more kids.... Its only 867 sq ft. I feel as though we need more space, a multi level with bedrooms for each of the kids because there are age gaps. I just need in puts on buying a duplex or somewhat and staying cramped in this house, or making this home my investment property and purchasing a bigger home for my family. Has anybody been in this situation in the beginning of their real estate career? Of course I would only buy a home if it already has equity etc but I would like any input possible! Thanks!

thanks @Jon Deavers

Hi BP I am looking to start flipping. I have been doing research about private lenders and I am just wondering what you all can tell me as far as pros and cons. I am only looking to use them as short term for flipping.e

thanks for the info everybody it really helps me understand more