Posted by Gobstomper on October 07, 2003 at 23:48:24:
If you look in the Classifieds sections of your local newspaper under Money to Loan, Real Estate Miscellaneous you may be able to find hard money lenders. Go to an investment club and ask around for a hard money lender. They are there, you just need to know how to look for them.
Gobstomper
MY FIRST DEAL!! NEED HELP ASAP!! - Posted by jason
Posted by jason on October 07, 2003 at 12:29:08:
hey i got a question for you if you don’t mind… i just got in touch with this guy… he has a house for sale he needs to sell it because he is relocateing for his job the house is appraised at 125k and he only wants what he owes on which is 105 k and the cost of broker fees. can you give me any advice on what kinda deal i could put toghter here? the seller is really modivated… and wants to sell it asap and i’m only 19 so i don’t really have any money to start off with so any no money down deals or creative finacing avaliable here?
thanks jason
Re: MY FIRST DEAL!! NEED HELP ASAP!! - Posted by david g.
Posted by david g. on October 10, 2003 at 16:06:10:
Does he need and want the 105K NOW or can he wait?
If he can wait… offer him to buy his home and take over his loan for 105K payable to him after 1 yr.
You now sell the home via CFD or L/O for 125K payable after 1 yr. You also ask for some downpayment. Now your buyer will make payments to you, you in turn pay the loan, unless escrowed. After 1 yr, your buyer cashes you out at 125K minus DP and amortization and you pay 105K to your seller. You now keep the rest.