Posted by mike on October 12, 2009 at 11:57:58:
In Reply to: Advice on finding hard money posted by Keith on October 11, 2009 at 19:28:09:
First of all, it depends on the area you're in.
If you're in a depressed market like Vegas or Florida, you're not going to. Actually, there are only a few markets that might be considered "investor friendly" - Texas being one of them.But I still don't know of any hard money lenders that lend on the deal anymore. They all want to limit their risk and need to see decent credit with some reserves and job history.
If you really have a great deal but don't have the income, credit or reserves, I'd recommend looking for a private lender - maybe another investor. They would be one of the few people that might be willing to risk the money if the deal is really good.
Aside from that, I think it might be kind of tough. Keep in mind that most of the deals out there are really good - and its STILL extremely difficult for investors with good credit, reserves and salary to get financing.