Hard money for beginners In's and Out's

[Manuel Fontan]

Hello BP community!

Me and my fianceé are newbies from the greater Boston area and we are interested in small multi-family properties (tris and quads). We want to pursue a BRRR strategy in either the Norfolk county, Worcester county and Merrimack valley.

Since we are new to REI and recent grads at the same time, we do not have enough cash nor able to secure private money for the time being (we want to have a track record before seeking out partnerships). Furthermore, we renewed our 12-month lease just 2 months ago, so an FHA is not in our interest until next year.

Our financial situation enables us to seek for either sellers financing or hard money. Our max purchase price is around $300k and we are looking at 100% LTV and 100% rehab of hard money. We are educated but we lack the practical experience, our heads go blank once we try to map out the process and due diligence with hard money lenders and contractors.

We are in dire need of practical guidance. Any suggestions will be greatly appreciated! 

Thanks in advance!

[Jay Hinrichs]

Originally posted by @Manuel Fontan:

Hello BP community!

Me and my fianceé are newbies from the greater Boston area and we are interested in small multi-family properties (tris and quads). We want to pursue a BRRR strategy in either the Norfolk county, Worcester county and Merrimack valley.

Since we are new to REI and recent grads at the same time, we do not have enough cash nor able to secure private money for the time being (we want to have a track record before seeking out partnerships). Furthermore, we renewed our 12-month lease just 2 months ago, so an FHA is not in our interest until next year.

Our financial situation enables us to seek for either sellers financing or hard money. Our max purchase price is around $300k and we are looking at 100% LTV and 100% rehab of hard money. We are educated but we lack the practical experience, our heads go blank once we try to map out the process and due diligence with hard money lenders and contractors.

We are in dire need of practical guidance. Any suggestions will be greatly appreciated! 

Thanks in advance!

probably not what you want to hear but no experience and 100% LTV and 100% rehab funding simply is not in the market place.. the only people that will offer that I will say with 99% accuracy are scammers telling you what you want to hear to beat you out of small amount of due diligence money or application fees and will never fund.. this simply is not attainable nor SHOULD it be..