Posted by jorge on July 07, 2003 at 10:47:51:
I am trying to find out what the process of using a hard money lender is. Do they want cash up front? If so, How much. What type of experience do they want for you to have? What type of info do they need from you. (i.e. estimate from contractor, market analasis on property, etc.)
I am looking at a house that could be worth about 80k and they are selling it it for 55k. I am guessing it cost about 10k or so to fix up. I won’t pay more than 50k for it. And all I want to make is about 10k to 15k profit. Its a 1700 sq foot home in an area where a small 1000sf homes are selling for 70k in great condition.