New to field, Need assistance. 50% discount deal - Posted by Jeff

Posted by dewCO on March 28, 2001 at 14:36:45:

Get the purchase money and a couple of months payments rolled into the loan from a hard money lender. They will usually lend up to 65% of the value of the property, just based on that. Good Luck

New to field, Need assistance. 50% discount deal - Posted by Jeff

Posted by Jeff on March 27, 2001 at 08:32:56:

Hello,

I am a new real estate investor, and have come across a new potential deal. It is a townhouse, 3 story, 4BR, 1 BA, BS, Liv Rm, Fam Rm, Din Rm, Kitch, Built 1930. It needs some fixing up. This house can be acquired for 50% below market value. MV is around $37,000-$45,000. It was assesed in 2000 at $44,500. Taxes $1,300. Located in Reading, PA.

I would like to possibly use this as my first deal, intending to do a flip. The problem is:

  1. I don’t have the money to buy it.
  2. If I were to get a loan of some sort, I do not have the money to make monthly payments.

How can I do this with really no money? One needs to start somewhere, and this is where I am starting.

I either need someone else’s money, or a buyer ready before I buy the property. How do I find these resources? Are you a resource? Thanks.

Jeff