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Updated over 6 years ago,

User Stats

14
Posts
0
Votes
Chris Hernandez
  • Rental Property Investor
  • Monroe, MI
0
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14
Posts

Looking to use private lender for the 1st time

Chris Hernandez
  • Rental Property Investor
  • Monroe, MI
Posted

So I have an accepted offer on and 8 unit apartment building and now I need to provide funding of course. I've exhausted most of my funds buying 3 duplexes within the past year (and currently working on my 3rd flip). I've never used private or hard money lenders before but I think I need to take that step in order to move forward and grow my portfolio. I'm looking to borrow $50k for the down payment and plan on financing the rest with my local bank. Am I doing this right? And how do I find the right private money lender? I have some good things on my side...a little experience with landlording, flipping, I'm a licensed Realtor and have a close to excellent credit score. After running a report, the monthly cashflow would be $680/mo before repaying the loan on the $50k. Any thoughts or advice? I could use some.

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