Question about filling in the contract.... - Posted by Charity

Posted by Steve-Atl on June 06, 2000 at 21:07:14:

Make it simple. Offer cash and close in 30 days. The seller will recieve cash at closing whether you arrange for hard money loan or just flip it to another investor. Use a partner approval escape clause to buy a few days to have a hard money lender look at the deal.

Its really easy to get hard money if its a good deal. You can get 65% of the after repaired value on just about any house. The key is understanding all the costs of the deal including acquisition, repair, holding, and selling. If you want to do the deal with none of your own money, you need to buy it cheap enough that you can pay these other costs within the 65% loan.

Let me know if you want a hard money loan.

Question about filling in the contract… - Posted by Charity

Posted by Charity on June 06, 2000 at 19:51:35:

OK, I am ready to jump in and make that first offer on a rehab house. My question is: if you are using a hard money lender (or that is the plan, anyway) what do you fill in in the blanks on a regular real estate contract? For instance, most contracts for listed homes have spaces for percentage of loan, interest rate, term… etc. Should I just put in whatever I want and use that as an escape clause in case I can’t get hard money for some reason or should I put something about hard money?..