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Updated over 4 years ago on . Most recent reply

User Stats

7
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Donnell Pankey
  • Rental Property Investor
  • Suffolk, VA
0
Votes |
7
Posts

Help with first hard money situation

Donnell Pankey
  • Rental Property Investor
  • Suffolk, VA
Posted

Hello fellow BiggerPockets family. Recently I bought in to a hard money lender and I haven’t had any luck finding any properties to get started on. I have a six month term before I lose my invested money and it’s already been 2 months. I am based out of the Hampton Roads area in Virginia so that’s where I have to invest. They have granted me access to 100% financing with no payments for 6 months as long as the deal qualifies. If the rehab is completed before the 6 months then the only payment to the hard money lender will be their investment and their fee plus I get the initial investment back. Any help and/or suggestions are appreciated. Thanks.

Most Popular Reply

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2,383
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Odie Ayaga
  • Specialist
  • Delran, NJ
951
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2,383
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Odie Ayaga
  • Specialist
  • Delran, NJ
Replied

What do you mean you bought into a hard money lender? You paid them money without having a property lined up?

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