Novice BRRRR Question

[Keith Gardner]

Hi Guys/Gals

I'm ready to take the plunge to buy my first investment property outside of my current home which doubles as a short term rental. I want to go the route of the BRRRR method. I want to use a Hard Money Lender using monies from a HELOC of my current property as a down payment. My question is, should I find a HML that will work with me prior to finding the deal? My thinking is that I don't want to find a good deal and then have to hunt down a lender that will work with me. I'd rather have all of that lined up prior to so that I can close the deal faster. Does this sound like reasonable thinking?

thank you

[Allen L.]

Yes, HML are also easy to find, but it just makes logical sense to have your financing in order before looking for deals. Some HML have thresholds before they'll take you on such as number of flips you've done, how many properties you own, how many years you've done REI etc etc. Better to have no surprise when you find something.