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Category: Need Advice Current Grade: A- Total Views: 273 Member Comments: 3 |
Posted on: 11/24/2008 Posted by: Romeholding Blog Points: 58 View all blogs >> |
My name Wil
I"m looking to get advice on a deal. Here are the information on the deal: It"s a new built home in North Port,FL . It new about $27,000 in repairs that i received from the investor who purchase it about July 08. He is asking about $55,000 which is $5,000 more then what he paid. And is will to hold the financing on the deal for 12months. But i changed the terms to 6months with $10k down and no payments for 6months. The after repaired value of this property by my estimate is $118,000 that's using caution . I have been looking for the last year for hard money lenders to loan me capital for my deals. Up to this point i have once 1 that is somewhat serious and about 2 to 3 others that are suspects . My question is that i see the opportunity to make some serious cash in my area with all new built properties that are 75 to 80 % completed ;but I'm, not able to get the funding ,what do i do???????Especially with this deal!!!! I'm set to speak to the investor tomorrow what do i do????My investor hard money lender has not returned my call today and email. I will try again tomorrow,wish me good luck yet.......
I"m looking to get advice on a deal. Here are the information on the deal: It"s a new built home in North Port,FL . It new about $27,000 in repairs that i received from the investor who purchase it about July 08. He is asking about $55,000 which is $5,000 more then what he paid. And is will to hold the financing on the deal for 12months. But i changed the terms to 6months with $10k down and no payments for 6months. The after repaired value of this property by my estimate is $118,000 that's using caution . I have been looking for the last year for hard money lenders to loan me capital for my deals. Up to this point i have once 1 that is somewhat serious and about 2 to 3 others that are suspects . My question is that i see the opportunity to make some serious cash in my area with all new built properties that are 75 to 80 % completed ;but I'm, not able to get the funding ,what do i do???????Especially with this deal!!!! I'm set to speak to the investor tomorrow what do i do????My investor hard money lender has not returned my call today and email. I will try again tomorrow,wish me good luck yet.......
Vieving 1 - 3 out of 3 comments
Posted By: Romeholding on 11/26/2008
I have check the values in the area . Really i have been looking at this property from the beginning along with other new built construction properties in my area. As far as the income and capital i current have neither . The lender i use had called yesterday afternoon ,he is currently in Washington,DC now and traveling. I wont hear from him until sometime not next week but the week after i guess.The hard money lender does not care about that credit and capital. But he is very picky about what to fund . I have been searching for the last year living off of saving and now i have ran dry.
Posted By: Jeff_Tumbarello on 11/25/2008
You had better check the vaule. Make sure you are not buying an investors alligator
Posted By: Steve1215 on 11/25/2008
What is your situation with the hard money lender? Is it a credit thing? Do you not have strong income or capital? I have a few hard money lenders but it depends on your situation and why the hard money lenders are not calling you back.
