Posted by Roland on September 10, 2005 at 10:54:16:
Hello Zach,
My scores are in the mid 500’s I’m counting on the equity in the property for the downpayment, and the average property around here is 250,000 - 400,000 or so.
Hard Money In Mass. - Posted by Roland
Posted by Roland on September 09, 2005 at 10:45:57:
Hello all,
I am a licensed remodeling contractor with over 22 years in the trades, and a newbie real estate investor, I am learning the distressed market in my area, and have found numberous pre forclosures within walking distance of my house.
Now the problem, I can’t negotiate with any of these folks without financing, I have low FICO scores, but a boat load of experience any help out there?
Thanks
Re: Hard Money In Mass. - Posted by Marc
Posted by Marc on September 19, 2005 at 22:49:37:
Another idea would be a partner – someone who would provide capital and credit. I am in the opposite position as you – I have the capital and credit and experience in renovations, but little time because of a more than full-time day job. I have been scouting houses in lowell, haverhill, and more recently lawrence (which I am starting to really like). There is also a real estate investors club in Lowell where you could find people interested in these types of deals.
Yes, the problem is finding help. (esp someone who shows up when they say they will).
-Marc
Re: Hard Money In Mass. - Posted by John B. Corey Jr.
Posted by John B. Corey Jr. on September 09, 2005 at 20:02:49:
Roland,
I provide hard money.
There is a banner ad on this site for another company that provides hard money.
There are others who likely can help.
Can we step back a bit and discuss why you think hard money would work?
There is an assumption with hard money that you are dealing with a deeply discounted property or that there is a large gap between the cost plus repairs and the future value.
If you really need a ‘no credit check’ hard money loan then you definitely need some serious equity in the property the day you buy it.
There are ways to create the equity or get assistance.
Lets discuss what you want to do and what sort of numbers you are looking at. The important point is to find a way to leverage up your experience while you establish yourself as a RE investor. Over time you will have capital to fund your own deals so this is a bootstrap process.
John Corey
Chelsea Private Equity LLC.
PS. Where are the deals you are looking at? I grew up in MA and was there through collage. I used to race bicycles so covered a lot of the state on two wheels.
Re: Hard Money In Mass. - Posted by ZACH
Posted by ZACH on September 09, 2005 at 18:43:00:
How low are your scores, do you have money to put down, how much are these properties your looking to purchase?
Re: Hard Money In Mass. - Posted by Roland
Posted by Roland on September 10, 2005 at 11:06:00:
Hi John,
Thank you for your input, The area I am interested in is Chelmsford, lowell, westford, carlisle, are you familiar with this area? My intention is to eventually fund my own projects, but its a long road to get there. I am however determined to become gainfully unemployed in the distressed real estate market.
Right now there are 6 pre forclosures within a five minute walk of my house, real estate values in this area have shown a steady rise in value, as with everywhere else in the country, but here in Mass the mean rise in market value is 11-12% in 2005, pretty good rate of return, especially if I can negotiate a short sale, or pick up an ugly house and remodel it myself. I’ve done several dozen whole house remodels, they really don’t present a problem for me.
The biggest issue I have is with the lack of help, and the time it takes me to do this work alone.
Any help or advice would be greatly appreciated.
Thanks again John,
Roland Brandt