Need Some Hard Money - Posted by Josh MA

Real Estate Investing
1

Posted by Kate (VA) on February 15, 2001 at 12:08:33:

Check out Joe Kaiser’s new site www.unlimitedfunds.com.

I haven’t tried it yet but it seems like a good place to start if you don’t have hard money connections established in your area.

Good luck!
Kate

2

Need Some Hard Money - Posted by Josh MA

Posted by Josh MA on February 15, 2001 at 09:16:44:

Okay i called the Seller Back and FMV is $409,900 i did Comps on the House and Simalar Houses in the Area Sell for bout $450,000 Then i called the Seller Back and Asked him Straight up “What is the Least Amout you will Accept if i Present a All Cash Offer” and Much to My Surprise He Said $250,000 Heart Races I Said Okay i will talk to my Lenders and I Will draw up the Paper work and See you FRI He Said Ok and Hung Up…Now Where do i find $250,000 for this Deal?

3

Get your Buyer! - Posted by Monique

Posted by Monique on February 17, 2001 at 17:14:38:

Josh,

Your best bet would be to not have to use Hard Money at all.

Run an add in the newspaper like this:
MUST SELL!
Will sacrifice for $50K below market
if you can close before March X.
$400K Executive home with blah, blah, blah.

If you can lock up your Buyer, you won’t need the hard money. You can do a simultaneous close and let your Buyer’s money fund the whole deal.

Alternatively, you can run ad that says:
NO BANK QUALIFYING
Executive home with blah, blah, blah.
$450,000. Shaky credit OK. Down Payment Required.

In this case, you find someone with 10% (or more) to put down and you owner finance the rest. Write up your Buyer’s contract with a 70% 1st Mortgage ($315K) and a 20% 2nd Mortgage. Sell the 1st Mortgage to a note buyer for cash. Use this cash to pay your Seller’s $250K and pocket the difference … and you still keep the 10% they put down, and the 2nd mortgage that you are holding.

Monique

4

Re: Need Some Hard Money - Posted by Mike C

Posted by Mike C on February 15, 2001 at 12:11:04:

Contact me via e-mail at mikec@mailbag.com. If your deal is truly this good, I’d like to help. Obviously, there are a few more questions before writing a check.