All Forum Posts by: Thorney Gibson

Thanks for the replies. I was just curious as to how people work hard money loans exactly. I plan on putting money down no matter what I do. I guess Im just researching all options right now and getting more knowledge overall with everything.

Yeah Ive been offered some great rates on hard money. That was just one of three right now. All one year loans.

1) 1pnts 12%
2) 3pnts 13%
3) 5pnts 10%

Honestly even tho most would agree that hard money isnt the greatest way to go, it may be my best bet in getting started. At least until I can get more capital saved.

So the major key to hard money is get in and out as fast as possible. Even more then normal lol.

Someone offered me 1point and 12% for hard money.

It just sounds hard to get it refinanced. If people have trouble getting money from the start how does someone pay the regular 3%, 3.5%, 5%, 20% downpayment to get a regular house loan.

So Im searching the forums but cant find the answer yet. I know hard money loans are the last thing you really want to go to. My question is tho if you buy and rehab a house with hard money and after the house is finished what options do you have after that? Do you get a normal house loan and refinance the house? Do you just put it up forsale with that loan in place? Like I said I know hard money is the last thing you want to do, but Im just curious and cant find the answer just yet.

Hope Im wording this right for what Im asking.

A sticky is a thread that stays at the top of any page. Covers great info on a certain topic.

YES, sticky this please!

LOL, i used to train at one of his mma schools. Seems they are branching out into everything now.

This is a great thread. Its good to hear views of and for wholesalers. I personally think its alot harder starting out in real estate investing then most people think. ALOT of things to know, people to know. You really do need to have a good team together to get started out right.

So from all the guys with alot of experience in the field, what do you look for in a wholesaler? Right from the start do you have a way to weed out the bad ones?

Last time i had mine pulled it showed either 723 or 733, I cant remember. They said I didnt have enought debt yet for the numbers to improve. I never quite understand that logic. Basically they want me to have loans out for cars, multi CC's in use, ext.

Yes, the last time I heard the max number was 850.

LOL, this was on yahoo the other day. They will paint your house and put it back to the normal colors when they are done. They said they are investing 100k into this idea right now.