do hard money lenders have strict rules about ones personal income/credit?

I renovate as soon as I buy the building and try and make it look like a million bucks on a strict budget.Many people buy their first investment and live in it.

@Jen BorstI admire your willingness to ask what I think is a very intelligent question.There is an old saying that an easy formula to become a millionaire is to borrow a million dollars & then have someone else pay it off (tenants).I made a jump from being a solo single family investor to a 31 unit building with partners then to bigger buildings & bigger deals. 20 years later I am less excited about managing multi-family assets unless they meet a very strict criteria.There are pluses & minuses to all asset classes.

It's an obvious and routine problem, and there's no sense in someone getting hurt for a cheap fix (carpet).And add hand rails!

If they paint it without approval, that's damage from security deposit.I strictly forbid painting of walls, cabinets, ceilings, etc. several times in my lease.They're not going to be nearly as careful as you are when they paint.Now, if it's an old house that needs new paint anyway, I might let them choose the color and they pay a professional (that you choose) to repaint it a neutral color.

Critically, LET her spend 10% or 25% (set a strict limit) of PASSIVE income (she needs to see the reward in the SHORT run....patience is developed LONG after nine....) and save/reinvest the rest.

If you have a car that you can keep in the driveway, that will do a lot for you as well.Visit Often and IrregularlyDon’t visit every Saturday morning — vary your routine so that you’re not dropping by at the same time.

It will be strictly buy-and-hold, I'm not going to flip it.

Others believe that private party loans are strictly between people that have a "relationship" of some type, business acquaintances, family, etc.Whatever type of loan you use, be sure to understand all the fees involved.

Hi.I am pretty new at this game, so please excuse me if what I describe is routine.