Hard Money Lenders | Before or After?

[Christopher Raiz]

So when you're deciding on a house and are about to make an offer, when going through hard money lenders can you get money beforehand like a pre-approval or do you have to have a deal ready? The reason I'm asking is that most hard money lenders will take a couple of days up to a couple of weeks in order to approve your request. So I'm wondering if there is a way to get pre-approved through hard money lenders before you actually find a deal or do you have to have a deal to show them and then wait to get approved by them to actually make an offer. Alternatively, can you make an offer while waiting to get approved? Also, does anybody have any recommendations for hardy money lenders for beginners? I was looking at DoHardMoney. Thanks

[Caleb Jordan]

Originally posted by @Christopher Raiz:

So when you're deciding on a house and are about to make an offer, when going through hard money lenders can you get money beforehand like a pre-approval or do you have to have a deal ready? The reason I'm asking is that most hard money lenders will take a couple of days up to a couple of weeks in order to approve your request. So I'm wondering if there is a way to get pre-approved through hard money lenders before you actually find a deal or do you have to have a deal to show them and then wait to get approved by them to actually make an offer. Alternatively, can you make an offer while waiting to get approved? Also, does anybody have any recommendations for hardy money lenders for beginners? I was looking at DoHardMoney. Thanks

It will usually be best to get pre-approved for a loan with a hard money lender. They need to know some basic info and get paperwork from you to see what sorts of loans they put you into. You will need an LLC to get hard money loan. They may want experience aswell. A hard money lender can give you an approval letter which you can present with your offer. They will also need to approve the deal you find. What state do you want to invest in?

Some people have had good experiences with dohardmoney. Others have not and complained about a $3000 fee you pay up front. Techincally this gives you access to their educational resources but some people pay it and then never ended up using them.