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Updated about 1 month ago,
First Time Hard Money Loan
Any referrals for hard money lenders that will work with new investors in Ohio? I’m in college and am looking for funding for my first Brrrr deal. I have a 760 credit score and 70k with no debt. I’ve also been interning with an experienced investor for over 6 months so I’ve gotten familiar with how the process works.
Hi Eli,
Leverage may be capped on some programs but should be doable. Do you know how many lines of credit you have? I know a lot of programs will want to see 3+ active trade-lines. As long as the rehab is light-medium, you should have options. Happy to take a look
Quote from @Ko Kashiwagi:
Hi Eli,
Leverage may be capped on some programs but should be doable. Do you know how many lines of credit you have? I know a lot of programs will want to see 3+ active trade-lines. As long as the rehab is light-medium, you should have options. Happy to take a look
I have one credit card and am authorized on another. I’ve also been paying rent for a year. Not sure if that would count. I haven’t begun looking at properties yet because I want to get pre-approved first. I agree that the rehab should be light-medium.
#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- San Diego, CA
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- San Diego, CA
Given that it is your first deal, you may want to consider partnering with an experienced flipper/brrr investor in the Cincinnati area on your first deal. You're in a solid position with your credit score for the refinance. Hard Money will fund 90% of the purchase price and 100% of the rehab on a draw schedule. You have a good amount of savings to add value with. As well as some hands-on experience to be more involved in the process. My point is to take it slow. I got crushed on my first flip.
- Jake Baker
- [email protected]
You're in Cincinnati. Please go to cincinnati reia they are one of the largest groups in the nation and they are in your backyard. You'll find all the resources you need there I'm sure. https://www.cincinnatireia.com/
- Paul Cijunelis
- 630-912-8742
All the hard money lenders I know don't lend unless they can see the deal. Would you lend not knowing where the money is going? Banks don't either. Everyone wants to know where their $150k is going. Network and find a deal, then approach a HML with your numbers and info.
- Paul Cijunelis
- 630-912-8742
Firstly Eli, you're in the right place! Let's chat, we work with first time investors all the time - however, I'd say an immediate next step is to identify the property you want to purchase, and determine both it's value and how much will be needed to repair it. Let's talk some more we can help!
- Anderson S.
- [email protected]
- 1-917-830-7144
Reach out to @Ryan Stuckey he's with Longhorn Lending and local to the Cincy Market.
Quote from @Isaiah Lopez-Torres:
Reach out to @Ryan Stuckey he's with Longhorn Lending and local to the Cincy Market.
Thank you, Isaiah....I have connected with Eli now
Quote from @Eli Joffe:
Any referrals for hard money lenders that will work with new investors in Ohio? I’m in college and am looking for funding for my first Brrrr deal. I have a 760 credit score and 70k with no debt. I’ve also been interning with an experienced investor for over 6 months so I’ve gotten familiar with how the process works.
Hi Eli! Are you just looking at the Cincy markets or considering others as well? Columbus OH is a great market to BRRRR in - lots of positive cash flowing deals and appreciation potential. Happy to send over some resources on why Columbus is a great real estate market to invest in and also make an intro to my lender contacts.
- Jimmy Lieu
- [email protected]
- 614-300-7535
Quote from @Eli Joffe:
Any referrals for hard money lenders that will work with new investors in Ohio? I’m in college and am looking for funding for my first Brrrr deal. I have a 760 credit score and 70k with no debt. I’ve also been interning with an experienced investor for over 6 months so I’ve gotten familiar with how the process works.
Hi Eli,
Just sent you a DM but I can assist here! We don't look at DTI so the debt would be find and your FICO is pretty strong
We can lend up to 90% of the purchase + 100% of the rehab, plus we offer 0 origination points for your first deal with us!
Let me know if you want more info
Quote from @Eli Joffe:
Any referrals for hard money lenders that will work with new investors in Ohio? I’m in college and am looking for funding for my first Brrrr deal. I have a 760 credit score and 70k with no debt. I’ve also been interning with an experienced investor for over 6 months so I’ve gotten familiar with how the process works.
I would be happy to connect you with some Hard Money lenders. What year are you in college?
- Remington Lyman
