Episode 4 - Project #2: Beware of Hard Money Lenders

Episode 4 - Project #2: Beware of Hard Money Lenders

Deal Details

Losing A Lender

In the initial stages, Maura faced adversity as her hard money lender backed out a week before closing. A valuable lesson was learned – caution when choosing hard money lenders, and the importance of recommendations from trusted sources. Amidst graduate school commitments and a challenging schedule, Maura hustled to secure funding, emphasizing the pressure and challenges of this pivotal moment.

A Twist of Luck

Against the odds, Maura shares how a fortunate turn of events during a real estate case competition in San Francisco led her to a potential investor, Aziz. What seemed like just funding for a deal turned out to be the start of a much more significant partnership. Aziz, initially an investor, would later become Maura's business partner in Duratus Properties.

The Turning Point:

Following a challenging first project, this flip went relatively smoothly. The house, located in a favorable area, saw a conservative rehab estimate and was completed under budget in less than 30 days. Maura delivered a healthy profit, building confidence and resilience along the way.

Key Takeaways:

Caution with Lenders: Beware of hard money lenders; opt for reputable and trusted sources.
Conservative Estimates: Be conservative with rehab estimates and proformas to navigate unforeseen challenges effectively.

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