Posted by George on March 13, 1999 at 23:03:01:
Find a partner with cash. You handle rehab, split 50-50.
Don’t Want This One To Get Away, Help - Posted by Charles
Posted by Charles on March 13, 1999 at 22:16:17:
Welcome back everyone, sounds like the convention went very well.
Now for my problem. I was going to the court house to get possible foreclosure info. I happend to meet an attorney who just foreclosed on a home within minutes of the sale. The home has a tax assement value of $90-97K, bank will sell to me for $48-$49K, on a transfer of trustee, I don’t have the $6K needed to lock me in.
With $3-$5K into the property it would sell for $105-$110K. However, I would try to wholesale quick. I have talked to a few hard lenders (Thanx SCook) but they want me to put money into the first few deals I work with them to build a relationship. An Ideal solution would be to find a private funder who will fully fund a note for $60K(~65% LTV), $48 for the home $12K for repairs,service the note, and little for me on the front. The note would be for six months, Int. only and the $60K due at the end of term, or upon refi, or sale.
Time is running out, What should I do?
Charles