Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago on . Most recent reply

User Stats

4
Posts
2
Votes
Damien Tate
2
Votes |
4
Posts

Financing a deal, to be faster using Hard Money.

Damien Tate
Posted

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. 

  • Damien Tate
  • Most Popular Reply

    User Stats

    5,475
    Posts
    6,447
    Votes
    Remington Lyman
    • Real Estate Agent
    • Columbus, OH
    6,447
    Votes |
    5,475
    Posts
    Remington Lyman
    • Real Estate Agent
    • Columbus, OH
    Replied
    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

    • Remington Lyman
    business profile image
    Reafco
    5.0 stars
    12 Reviews

    Loading replies...