Most hard money works like this Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

It also means planning for potential increases in debt service, depending on the type of loan that you have.

Not a lot of foreclosure activity because of all the equity gains, but that may change in the coming years with the loans on the mortgages written in the last 1-2 years being much higher (aka normal compared to pre-COVID).

All 3 of our names are currently on the title and the agreement was, once the loan is paid in full to his father, he would be removed from the title.Now my friend is going through a bankruptcy so we want to remove him completely from the land.

Buyer pays closing costs & loan doc fees: $3,800 approx.Total Entry Fee: $23,800 to close -- or 9% of the purchase price!

Some people cater to visiting sport teams.Some people like to flirt with risk.....just saw a guy near me get reported for is AirBnb that he used a VA loan to buy, but never occupied it....too many parties, neighbors complained, he still didn't stop it, so they contacted Inspector General and reported him for loan fraud. 

It depends if you have a lien on title already (a mortgage or hard money loan), but I would either do this as a hard money refinance or a DSCR cash-out refinance to pay for the reno. 

Here in CO there's an additional license required if you're soliciting money from individuals then loan it to others or even just brokering the loans.

But, it also means more work in managing, tricky loan processes, higher start-up costs, and the risk of market changes.Lubbock, with its high need for rentals and low-cost living, is a top spot for duplex buyers.

I have been considering a DSCR loan on the Townhome to get some of our cash out of it.