Getting ready to start!

Okay, I’ve read the books and I’m ready to roll with my first deal. I don’t know much about HML, but I’m guessing I should skip the whole “normal lender” and go straight to HML. What kind of requirements to HML have? Do they frown upon “first timers”? It’s my husband and I and don’t want to use any of our own money, should we LLC? I will pin this down in a few days. What’s this I hear about people getting money back at closing? Are they talking about the Rehab costs? This I understand, but didn’t know if that was what everyone meant by this. So basically, any out-of pocket costs at closing would be simply closing costs? LOts of questions!


Based on the questions you had I would say to continue to learn more before shelling out money and signing any contracts. Your questions are very basic so be sure you can get those answered and be generally familiar with al those areas before closing a deal.

You had alot of variouse questions that have been asked in several different topincs in these forums. Best suggestion would be to use the ‘search’ screen and type in the follwing terms to answer all your questions.

hard money
money back
rehab cost
closing costs

As much as I have read into REI I still have alot of questions as far as all the fees and costs at closing because I have never closed on a house myself. Be familiar with what types of costs can pop up and know the ones that are a large chunk and don’t worry about the couple of hundered here and there. If you buy the deal RIGHT then a few hundred here and there will not matter much.