Starting Out
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Newbie starting out any advise
Hi all,
I have recently just become interested in real estate investing. I have found my first rental property. Now, I am not sure what to do from this point. I was looking at getting a hard money loan instead of a bank loan. Due to COVID, I will not have a regular income until Spring 2020. My question is now that I have found the property. Do I need to get approved for a hard money loan first or do I actual purchase the property from the bank first and then go to the hard money lender telling them how much I need? If I am not able to purchase the property from the bank ( If someone purchases that property before me), what happens with the money that was given to me by the hard money lender? Do I just return the check? Any advise would be greatly appreciated. Thanks in advance!!
I have recently just become interested in real estate investing. I have found my first rental property. Now, I am not sure what to do from this point. I was looking at getting a hard money loan instead of a bank loan. Due to COVID, I will not have a regular income until Spring 2020. My question is now that I have found the property. Do I need to get approved for a hard money loan first or do I actual purchase the property from the bank first and then go to the hard money lender telling them how much I need? If I am not able to purchase the property from the bank ( If someone purchases that property before me), what happens with the money that was given to me by the hard money lender? Do I just return the check? Any advise would be greatly appreciated. Thanks in advance!!