Posted by Jill on March 14, 2002 at 22:45:08:
Thanks so very much!!
Ed, Why Is This Happening - Posted by Jill
Posted by Jill on March 14, 2002 at 19:59:33:
Hello! I’ve called two different mortgage bankers/brokers to ask if they do hard money loans and I was told by them that what I’m doing is illegal and people in Washington and Baltimore doing what I’m doing is now sitting in jail for a long time. I am stuck. I am new to real estate investing and I’m trying to do my first deal. I want to wholesale the properties; yet, if I don’t have a buyer at the time of closing I need to have the money. I don’t intend on doing rehab to the property, therefore even after I would have to close with my own money I still would try to wholesale for a time. I am not sure how long for a buyer until I start to rehab? Also, can you use hard money lender to just close on deals that you want to wholesale? I have excellent credit and can go to a bank to do loans; yet, I don’t want all of this on my credit report. Ed, any suggestions would be much appreciated. Thanks so much!!
Re: Ed, Why Is This Happening - Posted by Ed Garcia
Posted by Ed Garcia on March 14, 2002 at 22:26:37:
Jill,
When you say, “I’ve called two different mortgage bankers/brokers to ask if they do hard money loans and I was told by them that what I’m doing is illegal and people in Washington and Baltimore doing what I’m doing is now sitting in jail for a long time.”
I’m sure that you’re in reference to flipping.
Jill, flipping is no different than any thing else; there is a right way and wrong way to do anything. If you flip a deal in a fraudulent manner you’re going to pay the price.
Your question— Also, can you use a hard money lender to just close on deals that you want to wholesale?
YES, if there is enough equity.
In you next statement you say "I have excellent credit and can go to a bank to do loans; yet, I don’t want all of this on my credit report. Ed, any suggestions would be much appreciated. Thanks so much!!
Jill, if you like you may call me at my office tomorrow at (909) 944-0199 and we can discuss your deal. I need more information and after asking you a few questions, I may be able to get you going in a direction.
Ed Garcia