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Updated about 6 years ago,
Hard Money Purchase/Rehab Loan for Newbie
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!