I just wanted to ask about Hard Money Loans. My credit isnt in the best shape but im really interested in getting started in flipping homes. From what i hear Hard Money Loans are an option if the bank woint finance you due to bad credit. I just want to know how i can utilize this option, what should i look out for when going this route. Im trying to get as much info on this.

hard money loan ?? Good luck. You have bad credit and probably insurmountable credit card debt. He's a test for you. Figure out your debt to income ratio.

Add up all your reoccuring debt, Rent/mortgage, credit cards,gas cards, car payments, student loans.

Mortage/rent......700.00
Visa 1.............60.00
Visa 2.............55.00
Discover...........45.00
Old Navy...........35.00
Fredricks..........35.00
homedepot..........55.00
Sunoco.............75.00
Car pmt 1.........299.00
Car pmt 2.........299.00

Total............1,658.00/ month

You and your wife make 800/week net.
( 2400/moth ) Your dept to income is 69%..


These numbers Doesn't take in consideration, electric, cable, phones, groceries, insurance.

Where you get the money doesn;'t matter, If you can't pay your exisiting bills. What makes you think you can manage a project like flipping a house when you can't even manage your own finances ??

I suggest spen a year or 2 geting your act together. Do some home work. Maybe take a few classes at a local community college on either realestate or finace. Find a property managment firm in your area, Apply to be an intern. Even if you can only give them 1 day a week, or a few hours here and there. I know you have to work for free, but real life work expirece in a field you want to learn about is priceless. Not to mention the conacts you'll make in your area will carry over to any projects you wan to take on in the future.