Loosing out on good properties

[Jason McKay]

I’m pretty new to real estate investing. I’ve submitted several offers but I keep loosing out to cash offers. Should I get a hard money lender? If so what are the requirements (credit, capital etc)? Any advice is greatly appreciated.

[Account Closed]

@Jason McKay Most hard money lenders lend 75-85% of purchase and 75-85% of contstruction cost. So you will need around 25-30% of the down payment and if doing construction some money to start the construction on the house since most Hard Money Lenders reimburse a percentage of the rehab cost. Credit wise some hard money lenders don't look at specific credit score but rather if there anything outstanding they should be concerned about. For Example, excessive missed payments in the last year. They require you to close under an LLC. Many Charge points some of them dont so do some research and build a relationship with a lender. The more deals you with them the better the rates.