Seeking Hard Money Lender for First Investment - TEXAS

[Brendin Wood]

Hi BP-

My name is Tim. My wife, Brendin, and I are eager to start our first fix and flip investment project in north Texas!

I have worked in several IT positions and spend a lot of my time working on cars and home renovation projects. My wife left the teaching profession after 8 years of service in search for something more creative. We are both people who love a project and seek purpose in our work. We both love hands on work and are passionate about real estate.

Since the beginning of 2016 we have been working hard to build our team, learning about RE investing, and networking. We joined our location REIA and attend weekly MeetUps. We have a CPA and Attorney and have contacts with several general contractors, subs, real estate agents, and investors.

We take the time to analyze at least one or two properties a day and view properties weekly. We have a close relationship with our New Western agent as well as several other wholesalers in our area. We would like to purchase a flip in the North Dallas, Richardson, Garland, or Plano area.

We are looking for a private money lender to help us with our first investment. A 12% to 15% hard money loan is very expensive and we don’t want to send all of our profit on holding costs.

Can any lenders let us know what kinds of interest rates are available for private money loans, points, terms?

A lot of the properties in north Dallas area are $250,000 and up, plus rehab costs. Is there a limit on how much a private lender would be able to lend to a first time investor?

We look forward to hearing from the BP community. Thank you all for your help!

- Tim & Brendin Wood

[Isaac Blocher]

@Brendin Wood I am a private lender!  Your question:

I lend my money at a flat fee 10 to 12% or even 15% Due at the sooner or maturity date or at the sell off the property. Private lenders usually have higher or about equal rates as hard money lenders do.