Do hard money

[John Cartwright]

ok I am at a point where I have done my research and still learning but I'm ready to get my first deal going and get it under my belt. My credit is not good enough to get a mortgage loan. So I'm left with private or hard money. Can anyone tell me more about do hard money.com. Are they really a good deal or not. I really hope I don't have to wait till I get back from overseas to have 100% of my own funding. Any advise would be greatly appricated

C

[Jay Hinrichs]

@John Cartwright

@David Beckman

Any lender that charges money up front ( other than modest credit pull say 50 bucks) and for an appraisal. is not one you want to waste time with in my mind. There are many lenders or company's that just make money telling you you are pre approved but we need 2k for DD or some horse stuff like that especially bigger commercial deals. Although lending is strictly regionalized what one hard money lender does in your neck of the woods and what one does in mine can be far different. The day of just lending on the asset is really gone with most of the company's that have been in bizz for any length of time. they will underwrite a file but will want to see decent credit, tax returns and experience etc etc.. We do a true NON recourse loan but its at 50% of cost, and the home has to have already been rehabbed and in great shape, No straight LTV loans for me to much hanky panky in that arena.

Also go to the Scottsman Guide there will be a whole list of reputable lenders there I would start with that one.