Help! First Wholesale Deal, Looking For Hard Lenders.
hi everyone, i am getting my first deal under contract in a couple of days, however i need proof of funds and a source of short term funds for back up. I know it is a good deal since the property is listed at 60% of FMV and the locattion is perfect.
i am new to REI and excited/nervous. I need a hard lender bcos of my poor credit score.
does Anyone know any sources of private funds around the Philadelphia PA area?
i would appreciate your esponses.
thnx...twyce
it is listed (with at realtor at 60% FMV) and in perfect condition? Did I miss something or is this the greatest deal on earth?
sorry perfect location
i meant it was listed at 60% of its ARV. as a mtter of fact, my realtor just informed me the property was put under contract this morning...i am still searching for hard money lenders for the rest of my prospects.
your responses will be appreciated.
thanx.
12wycemo,
Sorry to give you the TCI obvious answer but lender fishing is not allowed in the forums. Click on the lender tab at the top of the page, you should find plenty of HML resources. You may also want to take a look at the forum rules before posting again.
Thank you.
LarryNut
TCI Moderator
I would put a ad in the local paper. If it is not going to be ready till mid 2006 I would not even think of selling it yet.
Put it on the MLS
becareful though i sold a preconstruction 8 monthsin advance(before construction was complete) and the guys i sold it too made $100,000 before closing.
Moral to story listen to karen dont sell out to quik
I agree with Pmore. We do need a pre-construction forum. I hope we can get one set up soon.
where is the seasoning problem?
They own free and clear
you get a puchase money mortgage to but it
anytime later, you sell and buyer gets a mortgage
The seasoning problem I have run into is:
buy for 300K 20% down 240K mortgage (but apprasies at 350)
even do fixups to justify increase
3 mo later try to get cash out refi. Everyone wants 1 yr seasoning for cash out. they would do rate & term all day long.
to slym34, what lenders do you use in GA, I starting to invest there and i only want to use hardmoney and for the person in MIchigan your deal can be done without you every having to actually by the house yourself. I life in MI, email me and I can help you
sorry for the incorrect word, mu bad
Hi Deb,
I am also in Michigan and if you already have a buyer lined up, why not just get the deal under contract, then assign the contract to your new buyer with a healthy profit for you. I am in the middle of doing this very thing myself. No seasoning, no simultaneous closings, simple and easy. E-mail me if you need help or more info. Chris
Quote:
On 2005-06-10 21:22, caf68 wrote:
Hi Deb,
I am also in Michigan and if you already have a buyer lined up, why not just get the deal under contract, then assign the contract to your new buyer with a healthy profit for you. I am in the middle of doing this very thing myself. No seasoning, no simultaneous closings, simple and easy. E-mail me if you need help or more info. Chris
could you tell me more about how this is done?
I just bought a home, and found a buyer for it before I closed. I felt i needed to wait for the close, and then sold it to him the following month. made over 40k, but had to put out my own money for the down. sounds like there is an easier way. I am in the middle of doing another deal, very similar, and hoping i dont have to close this time before i sell.
thanks
When the buyer does the contract with the seller, have the seller price the contract at $5k over the agreed price and agree to pay that $5k to you at closing thru the HUD, they can pay it as a marketing fee like they would pay a real estate agent.