How safe are hard money loans and what are my chances of approval?
Hello. For years, I’ve been interested in flipping homes. I have great handyman skills and have owned 3 personal properties, but never investment properties. i am already in the process of looking for my first investment property to flip or rent, but most likely to flip. I am already working with someone at Lendinghome.com. I want to start small with something low risk for my first investment. I have around $40,000 in cash reserves that I am willing to use in my first deal. My question is, Do you think Lendinghome is a good place to start? Hard money loans seem a bit risky, but I do have a good cushion in case it takes me longer to get the property ready to sell. I wish I could have started doing this a long time ago and I just need a little reassurance. Thanks. William
Thanks for your question. From what you’ve outlined above it sounds like you’re already on the right track – you have relevant experience and cash reserves to help financing your first deal. Plus, you’ve identified a great hard money lender to work with. LendingHome is ranked at the top of our list of Best Hard Money Lenders. If you have a credit score over 550 and are looking at good potential properties, you shouldn’t have any problem getting a cost-effective loan from LendingHome.
Hope this helps. Best of luck!