Hard money risk - starting out

[Brian Ellis]

How was your first hard money experience? Was it a huge risk for you?

I bring this up because im missing out on a deal due to not being in a position financially. I have had my eyes on this house for a couple years now, its in a great location with a lot of upside in the near future. Most, if not all surrounding homes downtown are within a flood zone, this one is not. It will be a real money maker. 

Being auctioned off 2 days from now. Listed at 75K and an ARV of 310K. Rent would bring in $1800 after renovation. If I had been prepared with a hard money lender, and had my ducks in a row, I would have been able to go after it. So id like to learn now so I can be prepared in the future. Kicking myself in the a$$ now!

[Joshua Hively]

Sorry for the delay here. I do not have experience with hard money. I do, however, have access to private money through the networking I have done. I recommend getting out and meeting the folks with money before the next deal comes across your desk. Holding cost can be an issue. Try to find a lender who will help with the cost of rehab, so you can hire some crews and turn the property quicker.