Posted by Lynn on November 05, 2000 at 19:30:26:
It helps to line up a hard money lender and understanding their program. Most hard money lenders will loan 50 to 60% of the after repaired value. If you know this in advance then you will have a better idea of what you can offer.
However, don’t wait until you have a lender to start looking at properties. Work both angles at the same time.
Good Luck!
Lynn
Which step should I take first? - Posted by Jim C
Posted by Jim C on November 05, 2000 at 19:05:59:
When I make my first deal, I will need to go to a hard money lender to get a loan. Should I make offers on houses prior to speaking with a lender? Or should I look for deals, talk to a lender to see if they will lend me the money, and then make the offer?
This just kind of confuses me because I don’t know which step to take first. If I am suppose to speak with a lender before making an offer, how am I suppose to know what price I can get a house for?
Thanks a lot!!!