Most hard money lenders are local or regional in nature. Post your location and perhaps someone can refer you to a hard money lender that operates in your area. Also, check with the members of your local real estate investment club if there is one in your area.
By the way, I agree with Jim Piper that a $65K rehab appears to be a major project. If you are experienced, that’s one thing, but if you’re new to the business, you might want to start with some less extensive rehabs to get some experience under your belt, before tackling such a big job.
Create a note for purchase and rehab… - Posted by Joe Bradley
Posted by Joe Bradley on May 16, 2000 at 12:06:31:
Hi,
I have read J.P.'s article on creating notes to purchase and rehab property and I have questions. I have a property that is 4 units nearby, with a price of 50,000.
Rehab costs would be @65,000
After rehab value would be @170,000-190,000
I want to flip.
Any suggestions on how to do this deal?
That’s a mighty extensive rehab. Extensive enough one starts to wonder how accurate your fix-up costs are at this particular level. Not a rehab that I would be all that eager to do. I’d be more interested in trying to wholesale this.
But that wasn’t your question. If your numbers are right and verifiable, I would think you could do this hard money.