Hard money lenders for a first time investor

[Andrew Menkes]

As first time investors, my wife and I have found a deal we want to flip. We have been pre approved for a conventional investment loan of 140k with 25% down and 4%. The property is listed at $112k and an arv around 200k. We are going through the property tomorrow with a contractor to see the extent of the renovation. Once we have a number we were going to finance the rehab through hard money. When it comes to hard money lenders does it work to call a bunch of lenders I find on google and see the best rate or is there another way to find a hard money lender which hopefully turns into a long standing business relationship?

[Todd Trader]

@Andrew Menkes there's a few government backed loans structured like a 203k. They allow you to finance the rehab into the loan and they oversee it making sure it's done legal and right. The downpayment is 15% . All the numbers and contractors are in place before close.

One caveat is you have to own the property a year before you sell.

This type loan would be perfect for duplex, triplex, or Fourplex. You don't begin making payments until the property is move in ready.