Hard Money - Posted by MD

import · January 21, 1999, 3:26pm

Posted by CTChap on January 21, 1999 at 21:22:22:

I’ve read his book. It gives some great info for getting started. Couldn’t put it down!

CTChap

import · January 21, 1999, 3:26pm

Hard Money - Posted by MD

Posted by MD on January 21, 1999 at 16:26:55:

Just starting out,
would it be better to start real estate
investing by flipping to investors, or try to
find hard money lenders and go ahead and buy a
house and repair it myself with the money from
the lenders? Also, where could I look to find
hard money lenders(equity lenders)? I was told
hard money lenders are relatively everywhere
and are willing to loan money, even if your
credit is poor, like mine.
Any response greatly welcomed
MD

import · January 21, 1999, 8:51pm

Re: Hard Money - Posted by Rob FL

Posted by Rob FL on January 21, 1999 at 21:51:52:

Flips are probably best when starting out for 2 reasons. (1) They are much easier and quicker to understand and complete. Most flips happen within 30 days or so while a rehab can take many months. (2) Rehabs have many costs involved like the cost to fix it up and mortgage payments. If you don’t have some cash in the bank, you may get into trouble.

As for finding the money lenders, read my new post under “Money Making Ideas” entitled finding investors and hard money lenders.

Best wishes.

import · January 21, 1999, 5:06pm

Re: Hard Money - Posted by CTChap

Posted by CTChap on January 21, 1999 at 18:06:52:

I found about 5 of these type of investors by calling the “I Buy Houses” ads in the newspaper.

There were some great posts a week or two ago about how to talk to these people. It works! Just make a list of what types of house, if they do re-hab, what area they are interested in, if they have cash on-hand, ect.

You can make some great contacts this way.

CTChap

import · January 21, 1999, 3:32pm

Re: Hard Money - Posted by SCook85

Posted by SCook85 on January 21, 1999 at 16:32:43:

The old saying “if the deal is good enough money will be there” is very true. If you are picking up good deals you will either have investors that will want to buy from you or you will be able to get the money. Most will recommend starting with flipping if you have no money. Even if you get hard money loans you still have holding costs such as mortgage payments and electric bills. If you can’t sustain them until the rehab is done and you find a buyer you could get yourself into trouble. It’s up to you to decide exactly which direction you want to go, I started with flipping and would recommend the same.

SC00k85

import · January 21, 1999, 4:58pm

Re: Hard Money - Posted by Stacy (AZ)

Posted by Stacy (AZ) on January 21, 1999 at 17:58:09:

I agree with Steve. Rehabbing takes some degree of savvy and contacts. I, for one, don’t know how to fix and remodel every aspect of a SFR. I know I’ll need a great contractor who is reliable and inexpensive. Trouble is, these guys are so good that they’re booked for months in advance. This is one example.
Getting started in flipping gets you into REI with minimal risks, minimal cash required, and allows you to learn the biz and establish contacts while you earn money. Can’t beat it for a quick start.

Stacy

import · January 21, 1999, 7:12pm

THANKS! - Posted by MD

Posted by MD on January 21, 1999 at 20:12:08:

Thank you everyone for your imput. I think I will get started in real estate by flipping properties. I plan on buying Ron LeGrands course. Any comments on this?

import · January 21, 1999, 9:07pm

Yeah, Better Buy Before February 1! - Posted by Joey P SE AL

Posted by Joey P SE AL on January 21, 1999 at 22:07:19:

I’m pretty sure that the price on LeGrand’s course almost doubles after January 31st.

(In case you didn’t already know that.)

Thanks,
Joey