I then found 3 properties from wholesalers in areas that I invest in regularly and purchased the properties with a hard money loan.

@Adam Newman yeah, not understanding your statements, "I have $50k plus about 7k in the bank" and "take out a loan and go in with 20% from the start?".

What type of loan are you looking to get into?

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

We have around 20k in savings we’re hoping to do our first BRRR with using a FHA loan in the future.

Here’s some guidance to help with your next steps:Hard Money Loan: Hard money lenders can often cover both the purchase price and some rehab costs (up to 70-75% of the after-repair value or ARV).

Experience depends on who you deal with - the cleaner the loan file and more organized your paperwork the smoother the process with any private lender.

They asked me to empty my savings, max out cards and then finally to take out a loan.

The market is ALWAYS changing but I know at this time, seasoned investors are getting 80% LTV on DSCR in the 6% range and 90% of PP/100% of renovation if total loan does not exceed 75% of ARV for FixNFlip loans. =)  

On October 31st Blue Metrix reached back out and said they weren't going to pay off the loan unless they got a greater discount.