All Forum Posts by: Steven Mason

@Tarik Turner A Fix & Flip sir.

@Mike DeBuccio Jr.  That was very helpful & that is one of the main reasons why I want to use a hard money lender. I don't want to have the property longer than 6 months which means I can't afford to waste precious time securing funding, closing, & selling the property. 

@Melvin List The property will be an investment property sir. I didn't want to use an FHA loan because as far as I understand (very little) I have to live at the residence & I will not be living at the residence. I'm actually not quite sure which route to take as far as the lending goes. I know that HML money is easily accessible & yes their rates are high, but if I can make a substantial profit I see no problem with paying the extra fees to start investing. I could be completely wrong & that's why I can to BP :)

Steve,

I have no debt at the moment. Credit score if 668. DTI 32% No assets in my name and no liabilities.

I'm not sure which approach to take at the moment. I have looked into many HML's and that was the route that I was going to pursue until I finished a 45-minute conversation about 10 minutes ago. Now I'm leaning more towards Conventional. I would like to know what my fellow BP member think and if anyone has any referrals?

I'm ready to delve into real estate investing. Does anyone have any suggestions or pointers?

@Nghi Le - That is great news :) I have contacted a couple of them and I was told that a credit check was required and that I had to have a certain score in order to qualify, so I decided to ask everyone on BP. Thank you very much sir.

Thank you all very much for the pointers. I figured there would be at least a minimum of 10%, but now I'll be sure to have 20%. I was definitely hoping to find lenders that don't really require a credit check since I'm in the middle of repairing mine.

Hello everyone,

I'm new to real estate investing and I'm planning on purchasing my first investment here in the next couple months. What is the standard percentage down hard money lenders require & are they going to run a credit check?