All Forum Posts by: Tamarah Berry

@ Praveen Kumar..I have found a property that I am interested in but, have not done any number crunching as of yet and I do have some cash reserves.

@Nicholas L. Thank you so much for the advice!!!

@ Nicholas L, I know that hard money has a higher interest rate but, I don't have the money now to do a down payment on a traditional loan. What loan do you think is better for me to try and get as a first time investor? Thanks in advance for your help!!

@ Kevin Paulk..lol yes, I meant spring 2021!!

@ Jay styles..thanks again for all your help. I purchased that book and will be reading it.

That is awesome advise. Thank you so much for your help!

Hi all,
I have recently just become interested in real estate investing. I have found my first rental property. Now, I am not sure what to do from this point. I was looking at getting a hard money loan instead of a bank loan. Due to COVID, I will not have a regular income until Spring 2020. My question is now that I have found the property. Do I need to get approved for a hard money loan first or do I actual purchase the property from the bank first and then go to the hard money lender telling them how much I need? If I am not able to purchase the property from the bank ( If someone purchases that property before me), what happens with the money that was given to me by the hard money lender? Do I just return the check? Any advise would be greatly appreciated. Thanks in advance!!