All Forum Posts by: Zoltan Harta

Thank you both for the advice!! I will definitely take it to heart

Hi BP,

New to the investment world, and very new to Hard Money Lending.  From my basic understanding of this type of financing, it seems to be an avenue for me the near future to get up and running but there are some questions I had (and I apologize ahead of time for any dumb questions):

Q1 - From my understanding, HML will lend an amount to cover cost of home + rehab costs? Is that correct?

Q1A - If so, what happens if I over/under estimate the rehab costs?

Q2 - Is the loan amount collected at time closing? For example and for sake of round numbers, I have a HML loan for $120k ($100k purchase price + $20k rehab cost) with a 12% rate...does the $134,400 get collected at closing of sale of property or is it similar to a mortgage and paid back over the short period of the loan?

Q3 - Do banks accept HML offers on REO properties? If so, is there anything different in making an offer an REO when using HML vs Cash.

Thanks in advance!!

Brian Volland you beat me to the punch haha. I recently began listening to a few podcasts this past week, and from the few that I've listened to every guest speaker lists RDPD as the book to read for beginners. Being a beginner, I ran and grabbed the book these pros told me to and after the first chapter I had the same revelation you did!!

Thanks everyone! This has been more than helpful...looks like I need to do a little more studying!!

Hi Mike,

Thanks for the response, much appreciated!!  I will look into the wholesale process! 

Hi everyone, New to this awesome site and obviously my first post, so quick background...reside in the Philadelphia surrounding area and held my RE license part time for a relatively short amount of time. Had to forego paying my fees to keep it active due to a job I was recruited for in the insurance industry. I KICK MYSELF EVERY DAY FOR THAT DECISION, but at the time couldn't pass it up. Fast forward a few years, no more license but looking to finally get in the investment game...part time at first, but eventually want to take this on as a full time career! Small twist...with a wife and toddler to support, a sizable mortgage and a hefty school loans, I have little to no capital to invest myself! My plan was to flip a house or two for a couple years until able to purchase duplex/multi pled properties to generate some cash flow. So my question to you all would be how do I get started? Do I look first for financing (hard money?) Any advice would be so greatly appreciated!