I currently have an average credit score of about 650 and make about 40,000 a year. I was wondering how hard it would be to get hard money for a rehab.
Hard money is the eaisest loan to get. When I was doing loans I could get an aproval within an hour of having all of the paperwork. Not a pre qual but the lenders saying yes we can do that deal.
Same thing with a regular lender would take days. But that was during the big refi boom.
But you have to know what the HML wants. Then you have to present your deal to them in a way that they know that they will make money.
"Tired Of The Stock Market? Make 10-12% On Your Money Secured By A First Trust Deed"
When your phone blows up, try to find the guys with a million+ to loan. Tell them you will pay them 10% monthly payments with 100% financing or 12% Fee Simple, meaning you pay them when the houses sells. Tell them you purchase properties at 70% or less of retail value and resell them. Once you get an interested party, take them to lunch and build a relationship. Every successful real-estate investor I know has a millionaire in their back pocket!
Hard money is the eaisest loan to get. When I was doing loans I could get an aproval within an hour of having all of the paperwork. Not a pre qual but the lenders saying yes we can do that deal.
Same thing with a regular lender would take days. But that was during the big refi boom.
But you have to know what the HML wants. Then you have to present your deal to them in a way that they know that they will make money.
Forget the Hard Money!
Put an ad in your local paper:
"Tired Of The Stock Market? Make 10-12% On Your Money Secured By A First Trust Deed"
When your phone blows up, try to find the guys with a million+ to loan. Tell them you will pay them 10% monthly payments with 100% financing or 12% Fee Simple, meaning you pay them when the houses sells. Tell them you purchase properties at 70% or less of retail value and resell them. Once you get an interested party, take them to lunch and build a relationship. Every successful real-estate investor I know has a millionaire in their back pocket!
Best Regards,
Jeff Adam
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