All Forum Posts by: Odie Ayaga

What do you mean you bought into a hard money lender? You paid them money without having a property lined up?

Just keep in mind you can't combine them and have them both secured. Hard money lenders generally do not take or accept 2nd position liens

That is actually relatively middle of the road to low

I personally have never heard of any lender hard money or otherwise accepting a down payment based on anything other than purchase price. Are you trying to get a long-term loan or a short term loan? 

You should probably post under another topic title @Henry Hamby to target agents for your area of interest

Hi @Jason Regan. What kind of property analysis do you mean? Is it performed by the lender? I've always been able to get a preapproval based on minimal info about the offer price and the property address. Our lender worked with new investors and still does. Terms are close to mentioned above at 100% financing and they performed as promised, but you really need to have your numbers together. There's a lot of ways to make errors and mistakes in real estate

Loan size would also be too small for most hard money lenders

I wouldn't go on Google to look for hard money lenders. There's plenty of people on this site or in your area who have worked with lenders. Go off of referrals. I find many aspiring investors do not network enough and good networking is the foundation of a real estate business.

Regarding your auction situation, you're looking to purchase at foreclosure auctions? How long after you win the auction do you have to provide the rest of the funds?

Why would it take so long? I think we created our 2 member LLC practically overnight. You aren't going to be able to get around him having to sign currently so I'd look as soon as possible at setting up your own.

Hi @Jeffrey Gonzales welcome to BP! What makes you want to be a wholesaler other than the perceived cost?