All Forum Posts by: Alex Correa

@Joe Larry Hard money gives you the flexibility of using someone else's money to maximize your profits. Lets say you have 100k to invest. You analyze your numbers and find a few projects where you can make 40k a piece. If you invested all your money into one project you would make 40k but if you took your 100k and spread it out over 5 projects. At 40k a piece you would make 200k minus your hard money charges. If you can't afford a few points and 10% interest I dont think you really have a deal. Then again my opinion may be a little biased as I am a hard money lender as well as investor.

@Troy Johnson Welcome. Lots of information on the site. I am a hard money leder in south Florida and the information that is on this site would've saved me countless headaches with certain situations. No matter how long you have been in the industry there is always something to learn.

@Stephen Quesinberry Congrats and thanks for the info. I am currently a hard money lender and charge all my points on the initial closing but have been seeing alot more lenders shifting to points up front and on the back end. Did you find that to be more beneficial?

I am a hard money lender here in South Florida and I am getting a lot of borrowers finding excellent deals in the Homestead area. Going North and expanding your radius is great but I wouldn't completely rule out going south.

10k is not enough to finance a deal. I guess thats why they keep telling you to JV. Our lending programs require the borrower to come in with 20-25%. You should join REIA clubs to try and find partners.

@Jamarr Lee Credit should be irrelavant for most HMLs but to find one to finance 100% will be impossible.

I am currently working on a deal where the borrower lives out of the country and is purchasing an investment property in CT. I have contacted a few insuirance agents and all keep giving me different reasons as to why they can't give me a quote for the policy which would be bound at closing. Reason I've received are they cant do a policy because they do not reside in the state of CT. They need to have the borrower with me when I call. Its one excuse after another. Is this a CT thing as I've done this a million times in Florida with no problem. Can anyone also recommend a good insurance agent in CT.

Thanks