Posted by LA on December 19, 2000 at 21:58:37:
Hello, i have come across a deal where the owner is asking 70,000 for a nice brick house in Lexington KY. The average for the area is 108,000. The house is in really good condition but needs MINOR cosmetic work…ie…trash picked up out the yard, grass mowed,and fresh coat of paint here and there. Foundation good, roof good, brick in great shape. The neighborhood is nice established older one.The owner is not willing to get creative on the deal. He just wants out with the cash. All the hard money lenders i have talked to either want a credit report before lending (credit ok but high debt ratio)or have a minimum lending amount of over 100,000. PLEASE any other suggestions, i have spent countless days and hours trying to get some hard money. I would even be willing to take on a partner and spilt the profit 50/50. If any of you wise investors know of a money source that lends based on PROPERTY value/profit or website …PLEASE just let me know! Thanks so much! LA in KY