Hello everyone, I am looking to trying to better understand the BRRRR and flipping strategy using Hard Money Lenders. How does this work? You apply with X lender, they approve you for 70% of the home, you fix it up, get it appraised, refinanced and then rent it out? One of my questions is, on some of the episodes that biggerpockets has, they mention balloon payments due at the end (why? how much?) I read hard money lenders have 6 to 12 month loans so those months are only interest? If someone has gone through a hard money lender, can you explain the steps you took? I have googled a few things but just want to start making my self known in the forums and network with some of you guys! Thank you and I greatly appreciate your time for reading and replying!
