Hard money??

Question

I want to get into investing in property but my credit is crap. I was told about hard money, basicly loans at an high percentage rate. I think that's my only way in. My plan is to get the money and repair the homes and what's left use for monthly note. Basicly pay them back with their own money. Do you think this is a good idea? Where should I start to find a hard money loan?

Answer 1

ok, hard money loans are always a super high interest rate. They also require you to put some $$$ down on a purchase. Usually you're talking about 25% down on a hard money loan.

Your best bet is to find a co-signer willing to use their credit for you. Parents, good friends, boyfriend, etc. This will give you a better loan and may not require any money down. You can email me if you want help, I am a senior loan officer & real estate agent.

Answer 2

First off, Real Estate investing is a serious matter and you have to know exactly what you are doing because if you don't you could end up foreclosing or even worse, end up in jail. Please, I cannot stress this enough, get EDUCATED on Real Estate Investing. Don't go into this investing game blind because so many people do and they are paying for it now.

Go to www.google.com and type in hard money lenders. There will be hundreds that will come up. Be careful of Hard Money lenders because they are basically loan sharks and some can take full advantage of you if you let them. Believe me, they know when you are a newbie. I would avoid using them if you can. I would suggest making getting a partner that has good credit that would buy the properties v.s. using a Hard Money lender. Or better yet, fix up your own credit and go at it using yours.


I would suggest taking some Real Estate investing courses first because it can get really ugly if you don't know what you are doing. Also, do some research to find out if there is a Real Estate Investors Association in your state. If there is, join it. That way you can get the inside scoop on investing and be around people that have in the info. Give them a call, tell them you situation and they will be happy to assist you. One last thing, contact a Realtor in your area that specailizes in Investment properties. They will be good help to you as well. Good luck.

Answer 3

i agree real estate is a great investment but you need to take a hard look if its worth paying a high percentage interest rate
do the math
1- can you afford the monthly payment.
2- is it going to be a positive cash flow
at the end of the month when the note is paid
3,is it all worth it- are you really going to make any money ?
I'm not trying to put a negative spin on what your trying to do,but there are consequences you have to think about,the more money you have upfront the better..lots of luck to you!

Answer 4

Seems to me that you should try finding investors to do what your wanting to do. 1st start with your family members,2nd you must have internet access? Post your ad on the net for investors in realestate. Another idea would be to by on contract for deed through an individual. This serves for no credit your just paying the owner the mortgage. works well several people do it. Un-ties your credit,since its not in your name.Pay all your bills while you have this contract and refinance it within two years and payoff the owner and you will be able to pull equity out of the home to keep re-investing.you can buy several properties and never have them in your name.

Answer 5

hard money is not the answer. 1st check your credit profile. 2 speak to your banking portfoloio manager to see if you can consolidate your debts to get a better credit profile. 3 apply at your bank for a home loan. choose ahome that has a higher value than what your'e paying for. offer the lower value and take ahigher bond. use the surplus to fix up and sell.it cannot be done overnight. do it one step at a time

Answer 6

I wouldn't do it if I were you. Just try building up your credit. Chances are if you credit sucks, how will you even afford to pay money back plus all that interest. You make a whole lot from the renters. It will take your money and renters money to make all that money to pay off, and years and years of it.

Answer 7

I would give you the links from our research files that the US government has provided to the public answering your question by offering you avenues in purchasing governement proterties etc, but yahoo answers says that providing links with the proper answers to questions is spamming and using the source of where those links come from is advertising and they rather just have written answers from sources that are not qualified to provide such answers. Here is their letter to me:

You have posted content to Yahoo! Answers in violation of our Community Guidelines. As a result, your content has been deleted.

Question: Where can I find buidling codes for Los Angeles rental units? Can I get sued for no heating? Please Help.?

Details of Violation: All real estate laws explained: http://www.dre.cahwnet.gov/reftoc.htm... STATE’S WEB SITE: http://www.dca.ca.gov/ STATE’SLANDLORD TENANT ACT: http://www.leginfo.ca.gov/cgi-bin/waisga... HUD – Tenant rights in California: http://www.hud.gov/local/ca/renting/tena... Pamphlet from the State of California on Landlords and Tenants: http://www.dca.ca.gov/legal/landlordbook... Cities Web sites: http://www.labormarketinfo.edd.ca.gov/cg... Home owner and renter assistance programs: http://www.ftb.ca.gov/individuals/hra/in... Private Attorney’s Website on Tenant/Landlord issues: http://www.caltenantlaw.com/ State bar Association: http://www.calbar.ca.gov/state/calbar/ca...
Source(s):
http://www.realestateformnm.com...

Reason of Violation:Spam & Advertisement :

Answer 8

hard loans may not be the best idea. your going to end with no money. maybe you should find someone with good credit and work out something with them

Answer 9

instead of hard money consider getting into the real estate game by investing in assumable mortgages........email me and i will explain...i dont wanna get deleted for spam(smiles)

Answer 10

ask well wishers, relatives and friends.