Hard Money Purchase/Rehab Loan for Newbie

[Eli Attias]

Hi All,

I'm extremely new to REI and have been searching and watching the market in a certain area in New Jersey for quite some time. I have spend many days in the area, driving around, evaluating etc. I finally found a property that I feel confident enough to buy, rehab, and flip for a nice profit. The guy I am partnering with is a contractor of over 20+ years and has a lot of experience with quality building on a budget.

My question is to the community, where should someone like me look for the financing, or why should someone trust me with a hard money loan for something like this? Where would I begin or connect with the right people to get this done? What kind of information would I need to give over, and most importantly, WOULD anyone fund something like this and how much would it cost? I am extremely serious and motivated on this, but need to get my feet wet some how.

Thanks in advance!

[Yonah Weiss]

@Eli Attias You've got the first step done which is finding a good potential property.

Many hard money lenders lend based on the property. You have to have 10-20% usually to put down including closing costs, and if not good credit at least not bad credit. I know a few lenders that don't look at your tax returns or bank statements, or even experience. As long as the property itself is worth lending on, and you have good credit, and skin in the game, that is enough. DM me if you want contact info.