Posted by Tom on April 20, 2000 at 09:21:55:
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GET MONEYYY! - Posted by Tonya Malone
Posted by Tonya Malone on April 19, 2000 at 19:14:59:
Hi, I live in NJ, and I am interested in purchasing commercial real estate, and properties in need of rehab. However, due to bad credit I don’t know where to begin for funding. Please help! Thank you.
Re: GET MONEYYY! - Posted by Eric (IL)
Posted by Eric (IL) on April 20, 2000 at 09:14:41:
Get a house under contract, then assign the contract.
Then the only money you need is 100-500 earnest money (and you get that back). You’ll need a weasel clause
to back out if you can’t get a buyer though. Look for the quick-flip primer in the how-to section.
Re: GET MONEYYY! - Posted by Doug Pretorius
Posted by Doug Pretorius on April 19, 2000 at 22:06:24:
Pay no attention to Jack, he woke up with Jim at noon and has been cranky all day.
How about getting the money from people who don’t care about your credit, like the sellers?
Or get a partner!
Or borrow from someone at ridiculous interest to do flips. That high interest doesn’t matter if it’s only for a month.
You need the deal first… - Posted by Ben (NJ)
Posted by Ben (NJ) on April 19, 2000 at 22:04:42:
Tonya, I do some “hard money” lending on the side in NJ. If you can buy properties at 65% of market value
I can probably fund your purchase by holding a first mortgage. E-mail me privately to discuss it further.
Re: You need the deal first… - Posted by Tom
Posted by Tom on April 20, 2000 at 05:36:17:
Ben,
I just read your post below on ‘portfolio investing’. I probably should understand by now what and how you are able to finance, yet I am new at it and feel overwhelmed. Could you say a word or two on this:
I already purchased a property so there is no possibility for a first 65%LTV there… But the house is in need for a fix-up and refinance. (After the fix-up I do expect of course the FMV to go way up.) What is my next step? Even a hint on where to look for info would be truly appreciated. I am in NY.
Re: You need the deal first… - Posted by Ben (NJ)
Posted by Ben (NJ) on April 20, 2000 at 08:28:46:
I can see why you’re confused because one post had nothing to do with the other. In the other one I was talking about using a tax lien certificate portfolio
as collateral for a bank line of credit. Here, I am talking about some lending I do on the side with unutilized funds to increase my yield. As to your property you can always do a refi and pull out your equity. I only deal with properties in NJ and only with “as is” appraised value. Since this is a side thing where I only do a couple of deals a year (no mortgage banking license yet)I don’t escrow funds for repairs etc. because I want to keep it as simple as possible. I heard readymortgage at readymort.com does nationwide lending but I don’t know anything about them. Maybe someone else can help you.