Learn the basics please

[Zk Lani]

Hello folks, I bought a duplex recently in SC via conventional loan, and I'm constantly looking for deals and I tend to find good ones every now and then but don't want to deplete my cash reserves for the 25% down payment. I've been working with conventional loan from a mortgage company but have been reading a lot about hard money lending or PM lending for the BRRRR strategy. I'd like to start BRRRR-ing and will start with a cheaper property needing little work and then cash out refinance. For those who are HM lenders, what are the questions that you need me to answer for you to work with a newbie like myself? I'd appreciate your help on that.

[Amanda G.]

Hi Zk,

I'm not a hard money lender, but I've talked to a few. The best source would be your local real estate investment group. They will know your local area and a good hard money lender will also be able to vet your possible project. (If they don't want to fund it, that's a good sign that it isn't a deal). You can also look on the vendors part of BP and set up a few calls. Good luck!