Posted by Jim Pack (GA-FL) on May 22, 2002 at 07:52:17:
I live in Georgia but only an hour north of Jacksonville. I am a member of the JAX REIA. If you live near Jacksonville, there are a TON of investors and lenders just waiting to help you succeed.
Hard Money lenders usually only offer 65% LTV with percentages upwards of 18%. Use them to do the fast cash deal. There are other lenders who will re-fi with no seasoning for the repayment of the hard money guys. One option is to ask the guy to sign an Option to Buy contract. That is a simple document that allows you to tie up the property for a preset amount of time. You can use that to secure another investor to buy or help you buy. Consider a Lease Option, too. You can simply pay the owner rent money, live in it yourself while you secure the financing options. There are a number of ways to do the deal. If the owner isn’t interested, keep looking. If you are looking to flip properties, you need to find ones that are around 50 cents on the dollar. For rehabs, find properties that can be bought AND rehabbed for 65% LTV. Since this original post is a month old, the situation has probably been resolved by now but, if it hasn’t, these ideas may work. Good luck.