Using hard money lending, addendum needed...

[Fernando N Cruz]

Hi everyone! My husband and I are newbies in real estate investing, we have 2 rental properties already and are looking for our 3rd one! With this property we have to use HML and we know very little about the investment world, and have some questions... I am a licensed realtor but have never worked with an investor. My questions are the following:

1 - when using HML, that's considered financing therefore do I use the 3rd Party Financing Addendum or is there a different addendum that I need to use?

2 - regarding the earnest money, this portion would be out of our pocket correct, not funding from the HML?

3 - any advice on how to compose the offer, do we use $1 for earnest money or make that like $5k to make the offer look better? < I guess that's dependent upon the answer to my question above and if we want to have our own money tied up in the deal.

Thanks in advance for your time and advice!

Jacqueline