Hard Money Needed In Georgia - Posted by cici

Posted by matt(GA) on March 24, 2001 at 19:08:19:

cici, what part of GA are you in? If you are near me I could have some names for you.

Hard Money Needed In Georgia - Posted by cici

Posted by cici on March 22, 2001 at 20:49:39:

I am a newbie in the real estate business and have been for the past 6 months educating myself by reading, attending seminars, a boot camp, my local investors group and talking to other investors. I would like to eventually do real estate full time. But right now I am just getting started (again). I’ve familiarized myself with
Ron Legrand, John Adams, Robert Allen, Russ Whitney amongst others.

I currently have six (1 bedroom) units in Georgia that need rehabbing.

Current Mortgage $ 56,000.
Rehab Needed appx. $ 40,000.
After repair value $175,000. (based on rents of $500.00
so I was told)

Can someone give me some suggestions on how I could obtain enough funds to rehab this property. My goal is to rent out the units. The cash flow looks good after the plan is executed. (I am aware of options including the traditional banks, family and friends) However, I would like to consider a Hard money lender who uses the property as security.

I have talked to some lenders. So far I’ve been told, “We only lend on single family houses”, “We don’t lend on vacant units, but I know a builder who will assume your mortgage, give you a $10,000 note for example and take the property off of your hands”.

If anyone in Georgia has any suggestions or specific referrals I would greatly appreciate it. I will continue to be optimistic and try to apply the tools that I’ve learned from this web site and other sources. please
e-mail me if you have any insight or suggestions. Thanks for any responses

i’m just living and learning