Need Financing Info on Hot Deal - Posted by Elizabeth

import · July 9, 2003, 5:19pm

Posted by Jerry Martin NC on July 10, 2003 at 03:40:47:

Elizabeth find a partner with good credit. Even $25,000 is better than $5,000.

import · July 9, 2003, 5:19pm

Posted by Elizabeth on July 09, 2003 at 17:19:13:

Hi, I’ve been reading these postings for a while, and now I need help.

I have a great deal which fell into my lap. A woman I know just wants to give me her property. She’s had 3 bankruptcies to stop the foreclosure sale, the last case dismissed (bankruptcy is my speciality by the way so there’s no question that I understand the process involved). Let me also state here that this woman is not my client. Anyway, she doesn’t want any money from me, just wants out. She owes about $160,000 on existing mortgage. I had a local realtor I know do a market analysis & the property came back valued at $250,000. I know I can cram down the payoff figure & get the lender to take less approx $120K and, even after expenses, can cash out a significant chunk on this deal.

I’m meeting tomorrow with the owner and she will sign over the deed to me which I will immediately have recorded at the county clerk’s office.

The problem is this: My personal credit sucks and altho I know mortgage brokers, the truth is that noone will give me a mortgage based on my credit history.

So, how do I finance this purchase very quickly, keeping in mind my credit, and cashout the profit for myself. I know investors who will pay me $5K if I turn over good deals to them. But I keep asking myself, why should I take $5K when I know I can make $50K or more out of this deal.

By the way I have the CS course, think it’s great and believe that like anything in life, if you don’t keep trying, you’ll never if you can succeed.

Any response, help, suggestions would be appreciated, especially since I have to close very quickly. This is my first deal.

Thanks.

import · July 18, 2003, 2:38pm

Re: Need Financing Info on Hot Deal - Posted by Linda Simms

Posted by Linda Simms on July 18, 2003 at 14:38:12:

Elisabeth. Find a hard money lender in your area. They normally don’t care about your personal credit, they are just loaning on the value of the house. With the Loan to Value you have stated,less than 50% you should have no trouble getting the funds from a hard money lender quickly.