Acquiring Hard Money

[David Trevino]

Im trying to get my first flip going in the San Antonio Texas area I have some money saved up but my question is how hard is it for qualyfying for a hard money loan and has anyone used one as means of flipping there first property how much do they usually as for skin on the game for first time fix and flip ... also any good recomandations of some you might have worked with  

[Aaron Bihl]

Hey David, 

We work with Texas Quest capital pretty frequently.  I would reach out to @Daniel Fleming and see if he can help you out. 

[Kuba F.]

It's not very hard.  Your rates will be a little higher, and you might need  to put up to 40% down for the purchase but if the deal works and you have enough liquidity to make the payments then you're fine.  Shop around like you would any vendor.

[David Trevino]

@Lexi Teifke @Aaron Bihl Thank you i sure will Lexi appreciate your help .. Thanks Aaron ill contact him 

[Danny Webber]

Most lenders want some experience or a larger down pmt which they should. Also, being a remote flip is not comforting for a first timer.

[Brandon Miller]

@David Trevino

I work closely with a few HML in the San Antonio market. Would be happy to connect you with them. The approval process is quick and easy for all of them.

I would pose the same question as Danny. San Antonio is one of the best markets in the nation, but are there no opportunities in Odessa/Midland? 

Happy to help and answer any questions you have about San Antonio.

[David Trevino]

@Danny Webber@Brandon Miller Yes you both have a point its more steady and i see more flips with more profit In San Antonio Where most of the jobs are more diverse and don't rely so heavy in oil Industry it seems riskier for me or at least those are my thought in the las crash in 2015 I saw so much of the population move out and real estate dropped so much it became a buyers Market with the low prices everyone was moving out due to job loss or lay offs  

[Whitney Hutten]

@David Trevino First congrats on getting started! HML shouldn't be that hard. You will pay a premium until you get 2-4 under your belt, then money becomes much easier to find. I would say though you could find 10% down on the purchase, 100% of rehab, 12% monthly and pay 2-4% in points (yikes!). As you build, you will find cheaper money! Also, think about bringing experience onto your team and leverage that be it your property manager, project manager, co-signer (I just signed on my husband's loan and got him some very cheap money for a flip he wants to do). There are workarounds!

Feel free to PM me and I can make referrals for you of lenders I'm currently using.  

PS. I went to Midland Lee.... small world!

[David Trevino]

@Whitney Hutten Thank you so much

[Tommy Morgan]

@David Trevinoi I’m doing my first Hard Money deal right now. So far the process has been quick and easy. If you want my lenders contact info feel free to message me. She’s awesome!