Advice on New to Hard Money

[Joshua Bahr]

My wife and I closed on our first rental in October 2020.  We have a renter and is cash flowing $185/mn.  We enjoyed the search, purchase, rehab, and renting process.  Previously we've done two successful but major live-in flips where we touched nearly every inch of the house.  

Looking at the acquisition of our next property either as a BRRR or flip. We are both educators and have a family of six so personal finances are tight and an obstacle. We do have $25k in savings and $30k could be pulled from our primary home on a HELOC.

With that being said, I'd like to be creative rather than always dig into our personal finances.  I've researched and interviewed 8 hard money lenders.   I have a lender I like, understand, and  gearing up to take off on distressed properties, looking to be all in $100k-$150k on a deal summer 2021.  

1.  Biggest items to be aware of when new to hard money.

2.  Correct me...if we get comfortable with using hard money, I see this as an accelerant to our situations.

3.  Any other thoughts...?

Thanks BP!!