New to rehab business and good advice to consider ???

[John Delacruz]

I’m looking to make my first purchase on a rehab home to flip using a hard money lender. Finding it difficult to find my first deal and not sure how to go about possibly purchasing a foreclosure home. Any advice or suggestions

[Odie Ayaga]

@John Delacruz from the other side of the aisle I'll disagree with the above and say that to me hard money is best suited for new investors. Unless there's some extenuating circumstance (you're a GC, you're an agent etc) you should deal with as many business resources as you can and you definitely should not be using private money from inexperienced investors until you know how to handle it properly. Yes it will cost you more than offering grandma 5% on her money and then not being able to deliver, but it'll also make Thanksgiving easier.

Regarding your question, what do you mean by buying a foreclosure home? Pre-foreclosures are still owned by the borrower, but are on their way to foreclosure so they may be in a state where they are looking to sell. Foreclosed homes tend to be owned by the bank and it's no different than purchasing any other property except for the fact that the bank is less likely to haggle with you.