Posted by Trixie on October 16, 1998 at 11:44:07:
How does one go about finding a “Hard Money” Lender…I’ve never heard of such a lender in these terms.
Trying not to lose my 1st deal! - Posted by JesseDE
Posted by JesseDE on October 15, 1998 at 13:34:04:
Hey Gurus, I’m 15 days into a 30 day cash offer on an REO via a credit union. Im in search of hard money that could close in a matter of days vs. weeks. Or if someone would help me structure a note with myself as payor at 100% or close. The property is tied up at $21,000 and needs $2,500 in repairs. The resell value is $70,000 - $75,000. Time is of the essence and I don’t want to lose this deal. Any instruction, advice, or contacts would be greatly appreciated. Thanks in Advance.
Re: Trying not to lose my 1st deal! - Posted by Mr Donald (NORVA)
Posted by Mr Donald (NORVA) on October 17, 1998 at 22:44:22:
Jesse,
How much do you have tied up in this deal? Can you afford to walk away?
For $21,000 on a $70,000 property any hard money lender, private investor or mortgage broker worth his or her salt should be able to easily get financing for you - and allow you to cash out at or after closing.
(That’s 30% FMV - excellent deal here.)
Just seek and ye shall find - all you have to do is start looking.
Mr Donald.
dlm@bellatlantic.net
Re: Trying not to lose my 1st deal! - Posted by c b cary jr.
Posted by c b cary jr. on October 17, 1998 at 21:40:03:
call or e mail me. i generally dont invest in properties to “flip” but if the deal has enough bang for the buck, i will. if i wont do it i will direct you to some others who might. if i do like the deal i can get the money you need in about 2 days.
get me some details, what city is it in, year built, what rehab needs to be done, what are comparable properties selling for in the area, who will do the rehab, what price would it sell for in 1 month or less, etc, etc. point out how much profit there is and how fast we can get it.
i probably will want in for a half equity share, and if you can get a better deal then go for it. but if not, and it really is a great deal don’t let it go just because it seems unfair that you would only get half the profit. that will be the seed money for your next deal, and you wont need me for that one.
call me at 9097097224 or e mail me at cbcaryjr@webtv.net.
good luck, c. b. cary jr.
Doomed to failure? - Posted by Bud Branstetter
Posted by Bud Branstetter on October 15, 1998 at 16:53:16:
It seems that you did not find the hard money lender first. Nor did you find an investor to flip to. Have you put an ad in the paper? An note to yourself may depend on your credit and/or down payment and probably take more than several weeks. An appraisal may take two weeks. Do you know how to find a hard money lender? Where are you?
Re: Trying not to lose my 1st deal! - Posted by phil fernandez
Posted by phil fernandez on October 15, 1998 at 14:25:47:
You need a hard money lender. They loan about 60% of FMV. At a purchase price of $21,000 and repairs of only $2,500 and the property is worth $70,000 it’ll be a piece of cake to get a hard money lender to finance this.