How do you get short term money..... - Posted by Stew(NE)

Posted by Redline on June 12, 2000 at 20:14:03:

Yes hard money comes with pts and heft interest rates, but you make sure that the deal you’re doing pays for all that AND gives you a nice fat return to boot otherwise it’s obviously no deal.

Just my two cents: Auctions require cash and they’re no place for beginners. It’s going to be extremely difficult (if not impossible) for you to line up hard money people for “maybe” purchases at auctions until you’ve got a relationship with them and you’ve performed in the past. Auctions are not a good starting point for this.


How do you get short term money… - Posted by Stew(NE)

Posted by Stew(NE) on June 12, 2000 at 15:52:18:

to use at the foreclosure auctions? I know you need a hard-money lender, but doesn’t that come with heavy points and what if you don’t get anything? How do some of you pros do it?

Re: How do you get short term money… - Posted by Bob Selby

Posted by Bob Selby on June 12, 2000 at 20:26:30:

In my experience with hard money lenders, you cannot really even start the loan process until you have a signed purchase agreement and an appraisal, as those are two very key ingredients. Most of my hard money deals have been through realtors on REO property.

I would probably agree with the other fellow that an auction might not be the best place to start, and suggest you start checking with realtors in your area to find out who is selling a fair amount of bank owned properties.

Bob Selby