Financing a deal, to be faster using Hard Money.

Financing a deal, to be faster using Hard Money.

Damien TatePro Member
Member since 2018 · 4 posts · 2 votes

I have read the books, I listen to the podcasts (plenty of time sitting in Los Angeles Traffic), I have used the calculators, I have contacted wholesalers, lenders, agents in prospective markets (setting up my core 4).  I put 50k into a luxury flip in Southern California, projected to be finished in 6 months, I am rapidly approaching year 2 and have seen no proceeds from the flip, still under construction.  However, I will keep my head up!  This is my second go at seeking financial freedom (over 20years in L.A. traffic I want out of that traffic) through real estate investment. All that to say, I'm going to be really good at this some day!  I will, I will!  Question for the BP gurus!  as I am deal analyzing, when the numbers are doable. I usually call the wholesaler, or the wholesale company to put an offer in only to find out the property is gone!  Wondering, how I can get faster with the hard money lenders to get one of these mythical properties that I know are out there.  Since my money is tied up in the flip I don't have the capital in my accounts that is usually required to get the loan so, I will be in a mad dash to come up with the funds. What would be the advice for someone in my position, wait it out? till my flip is done.  (I feel like I'm missing a great game watching from the sidelines while interest rates go up, and inventory comes down as the window is closing), Or I don't know, Help!! I am currently looking in the Corpus Christi area, and the Columbus Ohio area. Ready to get on a plane and take some trips. Thanks in advance for the cold hard truths that come in the B.P. forum. 

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
4y
Quote from @Damien Tate:

I have read the books, I listen to the podcasts (plenty of time sitting in Los Angeles Traffic), I have used the calculators, I have contacted wholesalers, lenders, agents in prospective markets (setting up my core 4).  I put 50k into a luxury flip in Southern California, projected to be finished in 6 months, I am rapidly approaching year 2 and have seen no proceeds from the flip, still under construction.  However, I will keep my head up!  This is my second go at seeking financial freedom (over 20years in L.A. traffic I want out of that traffic) through real estate investment. All that to say, I'm going to be really good at this some day!  I will, I will!  Question for the BP gurus!  as I am deal analyzing, when the numbers are doable. I usually call the wholesaler, or the wholesale company to put an offer in only to find out the property is gone!  Wondering, how I can get faster with the hard money lenders to get one of these mythical properties that I know are out there.  Since my money is tied up in the flip I don't have the capital in my accounts that is usually required to get the loan so, I will be in a mad dash to come up with the funds. What would be the advice for someone in my position, wait it out? till my flip is done.  (I feel like I'm missing a great game watching from the sidelines while interest rates go up, and inventory comes down as the window is closing), Or I don't know, Help!! I am currently looking in the Corpus Christi area, and the Columbus Ohio area. Ready to get on a plane and take some trips. Thanks in advance for the cold hard truths that come in the B.P. forum. 


 If you do not have the money you can always find the deal and money will come. I recommend you start cold calling in your target market. That is what I do here in Columbus, Ohio

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  • Real Estate Agent · Corpus Christi, TX · Member since 2015 · 25 posts · 4 votes
    4y
    Quote from @Damien Tate:

    I have read the books, I listen to the podcasts (plenty of time sitting in Los Angeles Traffic), I have used the calculators, I have contacted wholesalers, lenders, agents in prospective markets (setting up my core 4).  I put 50k into a luxury flip in Southern California, projected to be finished in 6 months, I am rapidly approaching year 2 and have seen no proceeds from the flip, still under construction.  However, I will keep my head up!  This is my second go at seeking financial freedom (over 20years in L.A. traffic I want out of that traffic) through real estate investment. All that to say, I'm going to be really good at this some day!  I will, I will!  Question for the BP gurus!  as I am deal analyzing, when the numbers are doable. I usually call the wholesaler, or the wholesale company to put an offer in only to find out the property is gone!  Wondering, how I can get faster with the hard money lenders to get one of these mythical properties that I know are out there.  Since my money is tied up in the flip I don't have the capital in my accounts that is usually required to get the loan so, I will be in a mad dash to come up with the funds. What would be the advice for someone in my position, wait it out? till my flip is done.  (I feel like I'm missing a great game watching from the sidelines while interest rates go up, and inventory comes down as the window is closing), Or I don't know, Help!! I am currently looking in the Corpus Christi area, and the Columbus Ohio area. Ready to get on a plane and take some trips. Thanks in advance for the cold hard truths that come in the B.P. forum. 


     I'm a Realtor in Corpus Christi. I maaay be able to help here. If I'm understanding the issue correctly. Come by my office and let's chat. 

  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    4y
    Quote from @Damien Tate:

    I have read the books, I listen to the podcasts (plenty of time sitting in Los Angeles Traffic), I have used the calculators, I have contacted wholesalers, lenders, agents in prospective markets (setting up my core 4).  I put 50k into a luxury flip in Southern California, projected to be finished in 6 months, I am rapidly approaching year 2 and have seen no proceeds from the flip, still under construction.  However, I will keep my head up!  This is my second go at seeking financial freedom (over 20years in L.A. traffic I want out of that traffic) through real estate investment. All that to say, I'm going to be really good at this some day!  I will, I will!  Question for the BP gurus!  as I am deal analyzing, when the numbers are doable. I usually call the wholesaler, or the wholesale company to put an offer in only to find out the property is gone!  Wondering, how I can get faster with the hard money lenders to get one of these mythical properties that I know are out there.  Since my money is tied up in the flip I don't have the capital in my accounts that is usually required to get the loan so, I will be in a mad dash to come up with the funds. What would be the advice for someone in my position, wait it out? till my flip is done.  (I feel like I'm missing a great game watching from the sidelines while interest rates go up, and inventory comes down as the window is closing), Or I don't know, Help!! I am currently looking in the Corpus Christi area, and the Columbus Ohio area. Ready to get on a plane and take some trips. Thanks in advance for the cold hard truths that come in the B.P. forum. 


     If you do not have the money you can always find the deal and money will come. I recommend you start cold calling in your target market. That is what I do here in Columbus, Ohio

  • Real Estate Agent · Columbus | Toledo · Member since 2019 · 607 posts · 768 votes
    4y

    You have to get good at raising private (not hard) money for times when your personal capital is tied up. By building relationships with private money lenders you can finance the purchase and rehab if it is a great deal. Also you should connect with other investors and agents in an area to run the deal by so you can put in quick offers. 

  • Austin McClainBusiness Member
    Real Estate Agent · OH · Member since 2021 · 347 posts · 602 votes
    4y

    If you don't have the funds, you can act as the deal finder for a partner that has the funds. It's difficult, but finding a silent partner that will fund deals you find could be a solution. 

  • Real Estate Syndicator · Phoenix, AZ · Member since 2018 · 903 posts · 1k+ votes
    4y

    There will always be deals. In an up market, in a down market. With interest rates high and with interest rates low. 

    I'd say work on partnering up and building your brand. Find capital or private lenders. Or find another person like you with capital, to do the next deal. You have some experience now, so use it. Talk about what you are doing to everyone. To this forum. Discuss what you are looking for. Ask for private lender partners. Discuss great deals you have found. Get on calls. Build your brand, you!

  • Joshua JanusBusiness Member
    Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    Find a way to get deals, then find a way to present them in an attractive and transparent way and you will find the money. 

    The money can come from

    - hard money lenders

    - private money lenders (could be family)

    - agents or the clients of agents

    and others!

  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    4y

    @Damien Tate
    Finding deals is an important skill now, especially with low inventory. If you can find a good deal, chances are people will want to partner with you. As for taking a trip to Columbus OH, I would definitely recommend it. While you are here, you should take a look around the neighborhoods and buy some rentals!

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