Any success stories with Hard Money Lenders?

[Daniel Mendez]

Hey BP,

I am looking to purchase my first out of state property soon.

I am looking to potentially use a hard money lender for my first property even though I know it will eat up my profits. 

Would you guys suggest I use a hard money lender? Or should I attempt to acquire funding through friends and family members?

Does anyone have a success story using a hard money lender for their first investment property?

[Jay Hinrichs]

If your looking to BRRR with HM that's doable that was the core of my business pre 08.

But one thing you must do before anything is get pre qualified for your refi.. don't want to get stuck in a HML with no way to refi out..

So for BRRR with HML

1. qualified for take out and I mean fully qualified not just a pre approval letter.

2. find market were you can be all in at 75% of ARV.

3. get a 75% arv loan  refi out most of your cash.

in some instances all your cash.. but then U also are mortgaged so careful with debt management