being ordered • Draw Schedule – Download sample document from the portal, fill out, sign & upload As you can see, when you are initially looking for a hard money loan, the "needs" are pretty exhaustive. However, once you receive and pay back your first loan, it gets a lot easier. Most of the documents you provide can be carried over to the next investment. You may want to have an LLC in order to be approved, but it's not mandatory for all lenders. They also may want to see that you've done this before. They will want to know your experience, such as previous properties you've purchased and sold. The good news is because of these other requests, most hard money lenders don't care about your credit history. Partnerships are another popular way to get funding. These can work in a variety of ways, but you want to make sure that you balance each other out well. For example, if you have a less- than-stellar credit score, make sure your partner has a great one. Perhaps you can be the one to find the ideal properties and your partner can get the financing, which will come with lower fees and rates thanks to that higher score. Keep in mind that you don’t want to partner with someone just because you already have a good relationship. The key to a fantastic partnership is being in sync, such as agreeing on what kind of risks you’re willing to take, determining what short- and long-term goals you have, figuring out who will do what, and deciding what kind of return you’d like. Make sure everyone's duty is clearly written out and signed by all parties. Fortunately, I've been involved in several partnerships. Because of my real estate and construction background, I've been able to make many good deals. I've negotiated in partnerships where
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