Starting out in Oregon

[Matthew Rogers]

Hey BP!

As I get ready to make my first purchase, I am trying to get some information on loan types. I've already gone to a bank and been pre-approved for an FHA loan, but I wonder if I find a fix-n-flip property would it be better to get a hard money lender to get "in and out" without living there during the flip? I don't have much money for a down payment considering property here in Oregon is pretty pricey. Any advice would be awesome!

Thanks all

[Mitchell Ridge]

@Matthew Rogers If you try to go hard money lending make sure that the cost of the property plus rehab costs is less than 70% of the After Repair Value (ARV, a good agent can help you determine these). If you're able to go to local meet-ups try asking around about private money. These are individuals who personally loan for projects, and they are capped at 9% legally (usery laws). I'm at 22 offers, 4 terminated contracts, and dozens of proposed projects without closing yet, so be prepared that it might not happen quickly.