Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

39
Posts
2
Votes
Tevin Swain
  • Philadelphia, PA
2
Votes |
39
Posts

Hard money and application

Tevin Swain
  • Philadelphia, PA
Posted
Hello , I have only posted on bigger pockets a few times , but a new resolution I am deciding to ask more questions to get more results from my Real estate investing career. I recently have become more interested in building my portfolio and using a few real estate strategies such as the BRRRR method and I would like to know in general has anyone used a hard money loan to do this kind of transaction? And how did it turn out for them? I am also would like to know what are some of the things I should look out for ?

Most Popular Reply

User Stats

1,083
Posts
548
Votes
David Weintraub
  • Lender
  • Berkeley, CA
548
Votes |
1,083
Posts
David Weintraub
  • Lender
  • Berkeley, CA
Replied

@Tevin Swain I live in Philadelphia, and there are banks that will work with you on these types of loans. Much of it depends on your experience, credit, background, etc. But even with that said, if there's "meat on the bone", you can use HML to pull this off. Especially if you're just needing acquisition without construction, and speed is the issue. There are bridge loans for that.

If you can get bank financing you get bank financing.  But @Tom S. opening comments are not "hard money", and don't relate to what you're asking.  Maybe what you're seeking, but not asking.  And getting a loan in Burlington from a local bank is likely much easier than getting a loan in Philadelphia.  It's a different game altogether.  Glad it's working for him though.  That's great.

You should attend the Brewerytown meetup which takes place first Wednesday of the month.  Hit up @Odie Ayaga and @Troy Sheets for info.  

Loading replies...