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Updated about 6 years ago,

User Stats

78
Posts
60
Votes
Christopher Lane
  • Rental Property Investor
  • Oceanside, CA
60
Votes |
78
Posts

How does a newbie find a good hard money lender?

Christopher Lane
  • Rental Property Investor
  • Oceanside, CA
Posted

Hey there team,  So I've talked to some lenders and want to get pre-approved for 100k.  

Long story short I found a duplex with each unit being sold separately by the same seller whos asking $60k each. Each unit generates $1100 a month each and are currently occupied. I want to offer $75k and negotiate from there but I am a reservist in the military and only take 6 month long deployment orders and cant "hold a job longer than 6 months" according to a certain lender. Even though I make $12k/month while overseas they still want to see 12 months of solid employment. I have a HELOC for $35k and $11k in a retirement account I'm willing to use also.

What should I do?

Is this the time to seek a hard money lender, or maybe private money?

Thanks!

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