Using hard money

[Darren Nardo]

I am looking for answers on hard money. Not so much answers but just clearer steps.

I want to better understand the exact path taken while using hard money. Whether it’s hard money for flips or hard money to accumulate rentals.

Should you get the hard money lender in line so you are ready when you find a property?

Should you have a property under contract before finding hard money?

If it’s being bought in cash do you need pre approval to even get your offer accepted?

If so, what are the steps in the right direction for a successful hard money deal?

Thank you all!

[Sean Blomquist]

@Darren Nardo all good questions.  

Yes, get preapproved with the HML so you can use their letter to make offers. You want to know that you can work together before finding a property, because once you have it under contract, the clock is ticking.

It is not a cash offer.  You will still be making a financed offer, but can write in that it is Hard Money.

Get all your info from the HML before finding a deal, so you know what your costs will be and can then make a smart offer on property.

Good luck!