Lesson 5 - FUNDING YOUR DEAL
The average investor uses hard/private money funding. If you have never heard of this, no problem. Hard money lenders fill a gap by specifically lending on fix up properties. Rates are high, terms are short, and there are no credit evaluations. Find your local hard money lenders from google, craigslist, title and loan officers. Interview these lenders. Make sure they have already done many local deals. Do not pay any up front. Avoid hard money lenders asking for appraisals.
If you are assigning your deal, you don’t need money. However, don’t count on the person you are assigning too, to close the deal. It is always smart to have your cash or hard money lender ready to close if your first option falls through.