Hard money loans

[Ty Clemmons]

I recently flipped my first property and it was a cash purchase. I want to start flipping houses with hard money loans. I want to get tips on the steps to obtain a hard money loan.

[Katie Smith]

Hi Ty. Hard money is a great tool for fix & flip loans. Pro tip: make sure the rehab budget is non-dutch, meaning you are not paying interest on the rehab budget until you begin to use it. 

[Bob Stevens]

Quote from @Ty Clemmons:

I recently flipped my first property and it was a cash purchase. I want to start flipping houses with hard money loans. I want to get tips on the steps to obtain a hard money loan.

 You are going to need at least 40% down. Simple post the deal in the local forums and indicate you are looking for a HM lender, 

[Jacob Sherman]

Would love to connect and discuss . Feel free to reach out to me anytime with any questions 

[Bill J Fay]

Check out BP's tab: BiggerPockets - Find a Hard Money Lender

[Mary Ainsworth]

Quote from @Ty Clemmons:

I recently flipped my first property and it was a cash purchase. I want to start flipping houses with hard money loans. I want to get tips on the steps to obtain a hard money loan.

 Hi Ty, 

Here's what I'd say for advice:

- Understand the loan terms thoroughly. Pay attention to interest rates, fees, loan-to-value ratios, and repayment schedules

- Have a clear exit strategy. Know how you'll repay the loan, whether by selling the property quickly or refinancing with a traditional mortgage.

- Focus on the property's potential value. Hard money lenders are more interested in the after-repair value (ARV) of the property than your personal finances.

- Have some skin in the game. Many hard money lenders require 30-40% of the project costs as a down payment. I only require 10-20%, so let me know if you'd like to also get a quote from me 

- Communicate regularly with your lender. Keep them updated on the project's progress, especially if you encounter any unexpected issues or delays.

- Consider using hard money loans as a bridge to longer-term financing if you're planning to keep the property as a rental. DSCR loans are great for that!

Remember, hard money loans are typically short-term (3-18 months), so make sure your flip timeline aligns with the loan terms. Lastly, always have a backup plan in case the project doesn't go as expected.

[Anderson S.]

Quote from @Ty Clemmons:

I recently flipped my first property and it was a cash purchase. I want to start flipping houses with hard money loans. I want to get tips on the steps to obtain a hard money loan.

 Shoot us a message, let's chat!

[Kelsey VanSleen]

Quote from @Mary Ainsworth:

Quote from @Ty Clemmons:

I recently flipped my first property and it was a cash purchase. I want to start flipping houses with hard money loans. I want to get tips on the steps to obtain a hard money loan.

 Hi Ty, 

Here's what I'd say for advice:

- Understand the loan terms thoroughly. Pay attention to interest rates, fees, loan-to-value ratios, and repayment schedules

- Have a clear exit strategy. Know how you'll repay the loan, whether by selling the property quickly or refinancing with a traditional mortgage.

- Focus on the property's potential value. Hard money lenders are more interested in the after-repair value (ARV) of the property than your personal finances.

- Have some skin in the game. Many hard money lenders require 30-40% of the project costs as a down payment. I only require 10-20%, so let me know if you'd like to also get a quote from me 

- Communicate regularly with your lender. Keep them updated on the project's progress, especially if you encounter any unexpected issues or delays.

- Consider using hard money loans as a bridge to longer-term financing if you're planning to keep the property as a rental. DSCR loans are great for that!

Remember, hard money loans are typically short-term (3-18 months), so make sure your flip timeline aligns with the loan terms. Lastly, always have a backup plan in case the project doesn't go as expected.

 I've heard of people taking on $0 down hard money loans, but I'm seeing much larger down payment requirements in this post. What's the difference? Is it just harder to find $0 down hard money loans?

[Ekaterina Lansky]

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

[Kelsey VanSleen]

Quote from @Ekaterina Lansky:

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

That would be great! Can you provide the hard money lenders platform here so all can benefit?

[Jay Hinrichs]

Quote from @Kelsey VanSleen:

Quote from @Ekaterina Lansky:

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

That would be great! Can you provide the hard money lenders platform here so all can benefit?

the simple reply to your question is they do not exist except for very experienced repeat clients. someone with no experience or very limited experience is not going to get a true no money down HML.. BE VERY CAREFUL of fake lenders they are rampant in this industry they will tell you what you want to hear and they are very good at it.. they will then suck up front money out of you.. NEVER send up front money to any lender that you met on the internet.. the only money you should pay for is a 3rd party appraisal and your check should go straight to the appraiser. If there are fee's due up front then they have to go to Escrow to be held and only dispersed upon a successful settlement..

the way to start with limited funds is to find a partner that is close to you or you find at a local meet up that will be your cash partner.. for context.. Google Ingrid Robinson and the American greed episode on Remington financial this will show you the scams these fake lenders use.

[Remington Lyman]

Quote from @Jay Hinrichs:

Quote from @Kelsey VanSleen:

Quote from @Ekaterina Lansky:

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

That would be great! Can you provide the hard money lenders platform here so all can benefit?

the simple reply to your question is they do not exist except for very experienced repeat clients. someone with no experience or very limited experience is not going to get a true no money down HML.. BE VERY CAREFUL of fake lenders they are rampant in this industry they will tell you what you want to hear and they are very good at it.. they will then suck up front money out of you.. NEVER send up front money to any lender that you met on the internet.. the only money you should pay for is a 3rd party appraisal and your check should go straight to the appraiser. If there are fee's due up front then they have to go to Escrow to be held and only dispersed upon a successful settlement..

the way to start with limited funds is to find a partner that is close to you or you find at a local meet up that will be your cash partner.. for context.. Google Ingrid Robinson and the American greed episode on Remington financial this will show you the scams these fake lenders use.

 I wish they would change their name...

[Jay Hinrichs]

Quote from @Remington Lyman:

Quote from @Jay Hinrichs:

Quote from @Kelsey VanSleen:

Quote from @Ekaterina Lansky:

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

That would be great! Can you provide the hard money lenders platform here so all can benefit?

the simple reply to your question is they do not exist except for very experienced repeat clients. someone with no experience or very limited experience is not going to get a true no money down HML.. BE VERY CAREFUL of fake lenders they are rampant in this industry they will tell you what you want to hear and they are very good at it.. they will then suck up front money out of you.. NEVER send up front money to any lender that you met on the internet.. the only money you should pay for is a 3rd party appraisal and your check should go straight to the appraiser. If there are fee's due up front then they have to go to Escrow to be held and only dispersed upon a successful settlement..

the way to start with limited funds is to find a partner that is close to you or you find at a local meet up that will be your cash partner.. for context.. Google Ingrid Robinson and the American greed episode on Remington financial this will show you the scams these fake lenders use.

 I wish they would change their name...

You mean the term Hard Money Loan ?  that is what these loans have been called from when I started in it in 1975.. be interesting to see who coined that  ? As you know many companies etc have moved to PML  ( Private Money Loans) to give the illusion that the terms are better.

[Remington Lyman]

Quote from @Jay Hinrichs:

Quote from @Remington Lyman:

Quote from @Jay Hinrichs:

Quote from @Kelsey VanSleen:

Quote from @Ekaterina Lansky:

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

That would be great! Can you provide the hard money lenders platform here so all can benefit?

the simple reply to your question is they do not exist except for very experienced repeat clients. someone with no experience or very limited experience is not going to get a true no money down HML.. BE VERY CAREFUL of fake lenders they are rampant in this industry they will tell you what you want to hear and they are very good at it.. they will then suck up front money out of you.. NEVER send up front money to any lender that you met on the internet.. the only money you should pay for is a 3rd party appraisal and your check should go straight to the appraiser. If there are fee's due up front then they have to go to Escrow to be held and only dispersed upon a successful settlement..

the way to start with limited funds is to find a partner that is close to you or you find at a local meet up that will be your cash partner.. for context.. Google Ingrid Robinson and the American greed episode on Remington financial this will show you the scams these fake lenders use.

 I wish they would change their name...

You mean the term Hard Money Loan ?  that is what these loans have been called from when I started in it in 1975.. be interesting to see who coined that  ? As you know many companies etc have moved to PML  ( Private Money Loans) to give the illusion that the terms are better.

 no, Remington

[Jay Hinrichs]

Quote from @Remington Lyman:

Quote from @Jay Hinrichs:

Quote from @Remington Lyman:

Quote from @Jay Hinrichs:

Quote from @Kelsey VanSleen:

Quote from @Ekaterina Lansky:

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

That would be great! Can you provide the hard money lenders platform here so all can benefit?

the simple reply to your question is they do not exist except for very experienced repeat clients. someone with no experience or very limited experience is not going to get a true no money down HML.. BE VERY CAREFUL of fake lenders they are rampant in this industry they will tell you what you want to hear and they are very good at it.. they will then suck up front money out of you.. NEVER send up front money to any lender that you met on the internet.. the only money you should pay for is a 3rd party appraisal and your check should go straight to the appraiser. If there are fee's due up front then they have to go to Escrow to be held and only dispersed upon a successful settlement..

the way to start with limited funds is to find a partner that is close to you or you find at a local meet up that will be your cash partner.. for context.. Google Ingrid Robinson and the American greed episode on Remington financial this will show you the scams these fake lenders use.

 I wish they would change their name...

You mean the term Hard Money Loan ?  that is what these loans have been called from when I started in it in 1975.. be interesting to see who coined that  ? As you know many companies etc have moved to PML  ( Private Money Loans) to give the illusion that the terms are better.

 no, Remington

LOL.. have you watched that one on those guys.. big time pump and dump due diligence fraudsters.. the owners got serious prison time.. The lady that bought them down was trying to buy an Island in Clear Lake CA that I had worked on with another developer in the late 70s and it could not be built on at all period.. she had this big dream would never have happened but Remington stole her 10k and she went on the war path.. When i saw that episode I was like REALLY that Island in Clear lake CA of all places.. !!!  that was the county I grew up as an agent my first 5 to 6 years was selling land there and  my dad had been there since the mid 60s..

[Jay Hinrichs]

Quote from @Remington Lyman:

Quote from @Jay Hinrichs:

Quote from @Remington Lyman:

Quote from @Jay Hinrichs:

Quote from @Kelsey VanSleen:

Quote from @Ekaterina Lansky:

Text me, there is a new platform to connect with hard loan lenders that offer very competitive rates!

That would be great! Can you provide the hard money lenders platform here so all can benefit?

the simple reply to your question is they do not exist except for very experienced repeat clients. someone with no experience or very limited experience is not going to get a true no money down HML.. BE VERY CAREFUL of fake lenders they are rampant in this industry they will tell you what you want to hear and they are very good at it.. they will then suck up front money out of you.. NEVER send up front money to any lender that you met on the internet.. the only money you should pay for is a 3rd party appraisal and your check should go straight to the appraiser. If there are fee's due up front then they have to go to Escrow to be held and only dispersed upon a successful settlement..

the way to start with limited funds is to find a partner that is close to you or you find at a local meet up that will be your cash partner.. for context.. Google Ingrid Robinson and the American greed episode on Remington financial this will show you the scams these fake lenders use.

 I wish they would change their name...

You mean the term Hard Money Loan ?  that is what these loans have been called from when I started in it in 1975.. be interesting to see who coined that  ? As you know many companies etc have moved to PML  ( Private Money Loans) to give the illusion that the terms are better.

 no, Remington

In addition I almost got hoodwinked by them.. I had a rather complicated RE play I was doing in 2012 and of course financing was still non existent I sent a basic concept plan they looked at it for about 3 days and came back and said hey we like it just need 10k to move forward.. But they never asked any of right questions.. or enough questions so I said thanks but no thanks. then I see the American Greed episode and I was like  I sure dodged a bullet there.. Now we have all sorts of fake lenders trolling SM sites promising the moon telling folks what they want to hear and scamming them out of small and Big dollars some of these folks lose 10s of thousands to these folks.. with the  line  " Hey its going to fund next week just need another 5k for some BS item"

[Brandon Becsi]

I would find people that are lending their own capital and not "brokers". Most people you will find are middle men for others. Go to local meetups, network ask questions and ask if they are lending their own capital or a broker? Work with only people you like/feel comfortable with. Good luck!