Working on my first deal but now held up

[James Moore]

I found a pretty awesome deal and started working on a 0 down hard money loan. I was getting pretty excited until they told me there is a $3595 upfront membership fee but they give $2k back after the loan is paid off. This $3595 completely holds me up. The whole reason I have been looking for $0 down is because I don't have extra money to put toward anything but want to get started. Any ideas? Family is a no go. 

[Jay Thomas]

Hi James! 1st off, Welcome to the Real Estate Investing World! 

This is a predicament and I can see why you're unhappy with it. The only thing I can think of, is possibly looking around somewhere else? Or asking them if they have another option with no membership fee? 

Maybe ask other lenders if they accept payment after the loan is paid off because then hopefully, you'll have extra funds from a profit that will pay for it. 

Good luck! If you do find another solution, I would love to hear what and how you did it!

[James Moore]

Quote from @Jay Thomas:

Hi James! 1st off, Welcome to the Real Estate Investing World! 

This is a predicament and I can see why you're unhappy with it. The only thing I can think of, is possibly looking around somewhere else? Or asking them if they have another option with no membership fee? 

Maybe ask other lenders if they accept payment after the loan is paid off because then hopefully, you'll have extra funds from a profit that will pay for it. 

Good luck! If you do find another solution, I would love to hear what and how you did.

thank you. I already reached out to another lender and I am waiting for a call back.