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Updated over 5 years ago, 04/19/2019

User Stats

21
Posts
8
Votes
David Trevino
  • Odessa Tx
8
Votes |
21
Posts

Acquiring Hard Money

David Trevino
  • Odessa Tx
Posted

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  

User Stats

344
Posts
267
Votes
Aaron Bihl
  • Investor
  • San Antonio, TX
267
Votes |
344
Posts
Aaron Bihl
  • Investor
  • San Antonio, TX
Replied

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. 

User Stats

2,131
Posts
690
Votes
Kuba F.
Pro Member
  • Real Estate Investor
  • Los Angeles, CA
690
Votes |
2,131
Posts
Kuba F.
Pro Member
  • Real Estate Investor
  • Los Angeles, CA
Replied

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.

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    User Stats

    21
    Posts
    8
    Votes
    David Trevino
    • Odessa Tx
    8
    Votes |
    21
    Posts
    David Trevino
    • Odessa Tx
    Replied

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

    User Stats

    834
    Posts
    449
    Votes
    Danny Webber
    Agent
    Property Manager
    • Real Estate Broker / Investor
    • Austin, TX
    449
    Votes |
    834
    Posts
    Danny Webber
    Agent
    Property Manager
    • Real Estate Broker / Investor
    • Austin, TX
    Replied

    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.

    • Danny Webber

    User Stats

    155
    Posts
    76
    Votes
    Brandon Miller
    • Specialist
    • San Antonio, TX
    76
    Votes |
    155
    Posts
    Brandon Miller
    • Specialist
    • San Antonio, TX
    Replied

    @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.

    User Stats

    21
    Posts
    8
    Votes
    David Trevino
    • Odessa Tx
    8
    Votes |
    21
    Posts
    David Trevino
    • Odessa Tx
    Replied

    @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  

    User Stats

    1,526
    Posts
    1,150
    Votes
    Whitney Hutten
    Pro Member
    #2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
    • Rental Property Investor
    • Boulder, CO
    1,150
    Votes |
    1,526
    Posts
    Whitney Hutten
    Pro Member
    #2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
    • Rental Property Investor
    • Boulder, CO
    Replied

    @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!

    User Stats

    21
    Posts
    8
    Votes
    David Trevino
    • Odessa Tx
    8
    Votes |
    21
    Posts
    David Trevino
    • Odessa Tx
    Replied

    @Whitney Hutten Thank you so much

    User Stats

    17
    Posts
    2
    Votes
    Tommy Morgan
    • Flipper/Rehabber
    • San Antonio, TX
    2
    Votes |
    17
    Posts
    Tommy Morgan
    • Flipper/Rehabber
    • San Antonio, TX
    Replied

    @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!