Buy with Hard Money/Sell with Owner Financing? - Posted by Andy in Indy
Posted by Andy in Indy on February 21, 2002 at 18:34:05:
Please give me your opinion(s):
I was thinking that the following would be a good idea as I begin my real estate investing career…
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Use hard money or private investors to buy a house in need of repair for 70% or less LTV.
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Repair house with the hard money/private lender money.
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Offer to sell the house using owner financing.
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Sell the note to a note investor at closing for cash.
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Pay off the hard money/private lender.
I have learned that using hard money/private lenders are an awesome way to buy fixer uppers. I’ve also learned that a great way to sell your house quickly AND get mostly cash is to offer seller financing, and then sell that note at closing to a note investor.
I thought combining the 2 should work great, but I wanted to see if there is anyone out there who:
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Is doing this exact same thing, who can give some advice.
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Has some tips on exactly who to study, what steps to take to get the ball rolling, etc.
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Knows of any hard money lenders I should contact, what to say, etc.
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Would like to help me through my first deal in return for a chunk of the profit!
I will research the archives for similar info, but I wanted to ask this now to reach those who are currently involved in this sort of transaction. Thanks for your help.