What should I know before applying for hard money

[Jesse Soriano]

I’ve never used a hard money lender. What are your basic 101 things I should know before I approach a hard money lender and how does the process go?

I’m looking to invest in The Cleveland market. A lot of the houses I’m interested in are in the 40-50k range.

I have 50k cash on hand and about 15k in credit card availability.

My plan was to buy a SFH for 35-45k and put up to 15-18k in Reno.

I don’t feel safe with 65k in capital and want to use hard money lenders instead and use my cash for backup and payments on the loans.

I thing I keep hearing is that most lenders won’t give me anything under 75k to borrow.

[Julio Garcia]

Come with the deal in hand. Sean does a good job at explaining