Posted by DoubleJ on June 10, 2005 at 18:58:25:
Did you check your local REI clubs? I met 2 HML guys at mine that will do 65%ARV and include rehab costs. They want 3 points up front, and like 15% interest though. :-/
Heck, worst case scenario is that you just wholesale it to an investor with cash.
Good deal, but no money!!! - Posted by kumar
Posted by kumar on June 08, 2005 at 13:41:39:
ok i got a proerty off the mls. its a bank owned, and they are asking 15,500 for it. needs 15k in repairs max, and it arv’s 55-60k. the problem im having is the lack of money. the bank wants a preapproved letter with the offer and a 1K ronrefundable deposit. how can i wholesale or retail this property if i cant even put an offer on it! i had a company that claimed it does hard money loans pull up my credit, and my credit is 728. they said they cant help me cause i dont have a job and cause i have too much student debt. im am having a hard time getting a preapproved letter. any one on this site that can help me, or lead me in the right direction? id grealty appreciate it
Re: Good deal, but no money!!! - Posted by drt
Posted by drt on June 08, 2005 at 15:02:36:
That is the problem with those forclosers. They always seem to want $500 to $1000 down. But if your score is 728. Get a No Doc Loan or stated income loan.
Re: Good deal, but no money!!! - Posted by DoubleJ
Posted by DoubleJ on June 08, 2005 at 16:03:55:
Couldnt Hard Money be used on this deal? Looks like its well under 60% ARV to me.
Re: Good deal, but no money!!! - Posted by kumar
Posted by kumar on June 08, 2005 at 16:07:57:
i called up like 25 mortgage brokers, im serious. they all said that even with a no income loan they can only loan me the purchase price and not the actual rehab cost. the other problem i am having is that they are telling me that the property is too cheap, that their minimum is 50k. these so called hard money lenders want icome verification etc. i thought you could easily find a hard money lender to give you 65% of arv. i just cant seem to find any, any suggestions??
Re: Good deal, but no money!!! - Posted by Dee
Posted by Dee on June 08, 2005 at 16:42:34:
Try Rey 1 st and 2nd Morgtage he is really good. Works with investors all the time. Please let him know Dee from PA sent you he can doloans in most states. Rey 201- 242-1869. Please let me know how you make out.
Thanks