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It's Been a Hard Days Night

OK, not a whole lot of new stuff going on with my credit. The new credit card probably won't impact my score until next month so we'll have to wait and see what its impact will be. In the mean time, my focus will be on the house I'm purchasing in New Jersey which is set to close on March 15. This will be my first time working with a hard money lender. There are many different hard money lenders out there and this one is with a guy who brought the lender to me because he has worked with them in the past and since we're working together on the project, instead of requiring the typical 20% downpayment, especially as a new investor, they are only requiring 10% down. So I'm buying the property for $313,500, have a rehab budget of $100,000 for a total budget of $382,000 (less down payment and closing costs,) For those of you not familiar with hard money lending they give you the money at a high interest rate, which can vary depending on the lender, 11% for this lender, and you typically have a year to repay it. Your monthly payments are interest only so the faster you can complete the project and refinance out to pay them back the better. The ARV, or after repair value, is $558,000. Stay tuned...

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