hard money lender

[Kelvinia Mejia Sambula]

I have a lender who is willing to loan me 64 percent of the value of the home I want to invest in. However, he is not explaining to me how much I have to work with so that that I know how much the property amount I should look at. He only lends in Kern County.
I live here. I first saw his ad in the neighborhood newspaper. As with most people, I am looking for a way to get out of debt, repair my credit history and buy a house in Los Angeles County. I liked that I did not have to worry about getting my credit report pulled all the time.
Is this kind of thing normal with private lenders? Help a Newbie. I am new to everything, but I have been interested in investing in Real Estate for many years.

I have reading a lot on BP; I am glad I found it.

[Ann Bellamy]

Kelvinia Mejia Sambula, you are correct. The likelihood is you will have to put money into it. If you listened to my podcast, you remember the skin-in-the-game concept.

There are programs providing 100% financing (all the purchase and all the rehab funds) however they are very expensive, and not necessarily for beginners. If the deal is thin, the cost could very well kill the deal.

You might start networking at a local REIA and see if you can find a partner who has funds but no time.