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Updated over 8 years ago,
First flip financing / hard money?
First, I apologize for the long post. Brief background about myself.... I am a licensed home inspector and contractor in TN. I have worked for other contractors for about 8 years and about a year ago decided to go out on my own with a construction company and home inspection company. While working for other contractors, I managed renovations and flips so I do have experience in renovations and flips. I have also handled turnkey rehabs for several investors since starting my own company. I have also recently totally gutted and renovated my own personal house. In doing this, I have a great interest in flipping properties as a way to grow my business. I had several people/groups that expressed interest in partnering up on some flips, however they have yet to work out for various reasons, mostly them not being able to actually come up its the funds when the opportunity arises. This has led me to looking at other options for financing. I would like to have the funds available so that when another opportunity for a flip arises, I can move quickly. I have been doing research on hard money loans/lenders. I know there are varying opinions on this avenue, however for short term loans to buy and renovate and sell properties, this seems like a viable option for me.
My largest concern is qualifying these lenders. I am a bit nervous as I Do not personally know anyone that has used some of the lenders that I have found. I have browsed through Some of the links through the bigger pockets site and looked at the company websites. If the sites are advertised on bigger pockets, I assume they are legitimate companies and lenders? Does anyone else have similar reservations about the first deal or an