Posted by James Strange on August 28, 2003 at 13:13:31:
Ed,
Thanks for the kind words.
In the lending side of this business I don’t know of any lender who would do a mortgage for $3,000. To them $3,000 is nothing.
About two months ago I had dinner with a fellow investor. We had exchanged emails for about a year but were meeting for the first time. He was telling me how at one time he had a hard money loan on house but was $3,000 short on the deal. In his case $3,000 was everything.
Posted by Don Dion on August 28, 2003 at 09:05:27:
If it is owner occupied the best deal going is a single close construction perm loan. It will take out the purchase, allows for payouts as the work is done and then rolls into an end loan 30 days after the occupancy permit is issued.
Posted by Ed Garcia on August 28, 2003 at 10:49:09:
James,
You crack me up. There have been occasions where there would be an advertisement on the board such as this one, asking for an investor with $3000. The only reason I wouldn?t take it down was because of your answers. Sometimes the simplest answer can help someone.