Posted by keith hutson on June 16, 2007 at 13:15:26:
Hi John,
Yes I understand the mechanics of hard money, the expense etc. The deals I am looking at are anywhere from 35-50% of ARV.
The areas are on the upswing, new houses, rehab houses etc. Our area is seriously deficient in first time homes, builders are not really addressing the need either, mainly due to red tape and land costs.
I have a deal now that should comp at 91,000, purchase price is 30,000. Rehab cost is already quoted by a Florida contractor at $18,000. complete.
We have 5 years rehab and new construction experience.
Posted by L. Holmes on August 11, 2005 at 09:17:46:
Anyone know of any Hard Money in S. Florida? My company is loking for a second source. The Guy that we are using seems to be a little jealous of the amount of deals that we are doing(long story). I know, he benefis rom our efforts, but for some strange reason…we sense some jealousy. We are able to buy at substantial discounts and h wants in.
I know a guy who funds hard money deals in FL. He has no interest in participating as he sees hard money as a way to stop investing in RE (where he made his money) so he can focus more on family activities. Hence we will not want to grab a piece of your deal (beyond the piece that represents the hard money returns).
Lets discuss the details by email. Send me a reply when you get this
post. I might not be the best source depending on what you want to
do. I can provide some suggestions if I can not help once I understand
your requirements.
That said, it is not hard money if it depends on credit. Ed will make
that distinction.
Hard money is not cheap and it is not all that flexible. It does serve a
niche and works well when used correctly.