I’m a newbie and I genuinely want to explore and understand hard money options, so I can set up my financing and get going.Please ask any questions, if that will help with my situation. 

So I guess it is okay to qualify a retiree a little differently since it is a different situation?

I am looking to purchase my first property in the island and that can potentially save me some stress in the future if i run into this issue.

I'd be fine with it, but it probably wouldn't fit my future situation.

I'm facing a similar situation currently.

I have the exact situation in Vegas.l have the experienced operator and my investors just bought the a run down home .

The property is in a distressed situation and would definitely need a remodel to sell for retail value (we might have to move some walls around to make the property more desirable). the property is around 60 years old with 995 sq. and around 400 sq unpermited on top of that and there is a mortgage of around 255k on it.

I will be reaching out to banks soon enough but wanted to see what you all thought of my situation and how likely it is they would lend to me. 

Again, this is a delicate situation and requires careful handling.

hi,relatively new to the game. i have a property with good potential in an area i think will appreciate well. in my current situation, i am not strapped for cash and can save 7-8k month for real estate purposes alone with my current job. this will be by first SFR and goal is to have at least 12% COCROI and have a minimum of $150+ using the 50% rule. im more or less in it for the long term game and want to retire with a rental portfolio that can supplement my income within the next 10 years. here are the two scenarios for the following property:property: $65krehab costs: $10kclosing costs: $3,200wholesaler costs: $2,500i plan to put 20% down on a 30 year fixed loan at around 4.8%Scenario 1:I cover out of pocket for rehab and wholesaler costs as well as downpayment + closing costsProperty: $65kRehab: $10kWholesaler costs: $2,500k Downpayment: $13,000kClosing costs: $3,200Total cash needed: $28, 710COCROI: 12%Monthly cash flow: $28850% rule: $313Scenario 2:I finance the rehab and wholesaler costs through my bank.