Posted by Steve-DC on January 29, 2002 at 10:08:28:
Richard,
My thought is that if a lender wanted to rehab houses, he/she would do that and not be in the lending business.
Unless you know someone already who’s approached you about this, I imagine it would be easier finding a partner that wants to do rehabs than asking a lender to partner with you.
But, it certainly never hurts to ask!
-Steve
Dealing with Hard Money Lender - Posted by Train
Posted by Train on January 28, 2002 at 22:25:54:
Hi,
Instead of paying a hard money lender an interest on a big loan that i would have problems to pay if my RE Agent can’t manage to resell after 6 months my completed rehab house, would it be possible to let the lender pay mortgages and holding cost but give him intead a 50-50 profit on a deal?
I know i may give the lender a lot more profit than just paying him interests on his loan but i would feel more safe for my 1st deal to protect myself in case the house can’t sell after the works has been done on it.
Tell me what you think here?
Richard