HARD MONEY FOR A RENTAL PROPERTY

[Jordan Santiago]

Hello BP fam! So I am in New York City, and I desperately want to buy my first rental property. I am 21 and my goal is to eventually acquire 1,000+ units. As everyone knows, New York is extremely expensive so I was wondering if:

1. Hard Money Loans for rentals are a good idea?

2. How do hard money lenders get their money back when lending on a rental property.

I would love all feedback, opinions, and experience from everyone, and if you want to connect message me!

Thanks so much BP! Happy investing. 

[Jordan Santiago]

Originally posted by @Johann Jells:

Assuming you're investing in your area, you just declared you want to be worth $100 million minimum. Don't you think this is a little on the bravado side even for a 21 year old? 

My only practical advice is move to somewhere cheap like the midwest or TX where you can BRRR a house with an FHA loan for under $30k and start building some skills and equity. There's no free lunch, you need to actually bring something of value to the table besides enthusiasm in a very high value market like NYC.

 Thank you for your advice, but why would you think it’s bravado? Are there people who own 1,000+ units? Yes. Do I want to be one of those people? Yes.

Could sound crazy, but that’s what I would like. That’s my goal.