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Updated over 3 years ago on . Most recent reply

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Janelle Stamos
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Is it possible for hard money or private money to cover EMD?

Janelle Stamos
Posted

Hello, 

I am a first timer at all of this. I rent 1 unit on a multi-unit property lot. 

The owner of this property intends to sell. It is not on the market yet. I asked out of curiosity if she was going to sell and she said yes. 

I do have either immediate cash or credit for the amount that the seller wants to bring the deal under contract. 

After Googling, I have read that private money or hard money might be a path forward for me in this deal. 

Do private or hard money lenders typically fund earnest money to bring the property under contract? Is that a thing they do? If yes, are there any tips for how I can take this to lenders without getting cut out of the deal? (I read on Google that this can happen) 

Thanks for any advice. I am a first timer and the availability of this property came up quicker than I thought!

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I don't know any lender who fronts EMD. Hard money may work after you get the deal under contract. The benefit of using a GOOD hard money lender on your first deal, is they will vet the deal and make sure the numbers make sense.

Have you done your due diligence, and do the numbers make sense? Do you have the money to close on the deal?  Are you looking to wholesale the deal? 

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