Finding Hard Money Lenders

Hi again ddowd,

The internet was one of the only methods that seemed appropriate until your post. By "Thinking A Little Different", I like the other approaches. Never thought about those "pay day" loan companies as a resource, searching for private names at the CC ofc, or at Foreclosure auctions.

In addition to foreclosure auctions, I would assume even going to estate or antique auctions as other possibilites.

Thanks again
Darlene

Hi Darlene
This shows my lack of knowledge in real estate, "Pay Day" loans. This is new to me. What are pay day loans? Another question, are there private individuals out there willing to assist with financing mortgage loans. If so that is wonderful. I will definitely like to meet some of them.

Sandra

payday loans: they are exactly what their name says: payday- what you would normally expect to get paid, whether you get paid weekly or bi-weekly from your job, they will lend you your paycheck early, (basically)

example: lets say you need $400.00 by friday for a down payment on a house, but you dont get paid until that following monday, they'll loan you your paycheck until monday(for a fee)

Thanks Sully, to be honest, I never heard of that before. Now I understand fully, especially the way you explained with an example. Thanks again.

Sandra

I have found a hml and have a good relation with their representative. Added to my team, also fired my agent. Found one that knows where I'm coming from and help me figure out if the property is a good deal.

Way to take charge and handle your business. You want people that are like minded and are willing to work for your business. I just had to move forward with another agent myself a few weeks ago. I used her to buy my house three years ago so I figured I would use her again. I told her I needed the fresh MLS listing to come to my computer everyday. I had asked a week prior to that as well. I still have received not listings so I moved on to two other agents that I get listings everyday.

Hi All,
It was my understanding that the MLS was only accessible to real estate agents alone. I had no idea that we could request they supply us with a copy. Thanks for that little info.

Sandra

Pay day lenders do cash transactions all the time. They will lend on most anything and can be some of the best hard money lenders. Many of the lenders have a very savvy understanding of the real estate markets but don't be frightened off by this because they can be a valuable resource.

Many Realtors and MLS providers have the availability to tell the computer to send certain information to prospective buyers. You can ask your Realtor to look for key words and have them sent every day. Example of key words you might look for are:

- Motivated
- Must Sell
- Short Sale
- Foreclosure
- As is
- Price reduced.

Get Realtors to send you properties with this information in the comments and you will be looking at motivated sellers most of the time.

Went to a local real estate investing club and there were two Hard Money lenders there. This is safer than using the internet. You can ask if anyone else in the room has used them and get a referral that you can trust. I found that it cost too much for my situation.

What do you mean that it costs too much for your situation? Many hard money lenders will allow you to pay your loan off after the transaction is completed. This can be a viable option for many to get into real estate without money because the hard money lender could cover all costs then allow you to pay off the loan when you sell the property.

REICs are safe and great ways to find hard money lenders. Add to the hard money the option to pay off the loan when you complete the transaction.

Does it cost anything to attend the REICs club? Can anybody attend or do you have to become a member first? This could really give me what I need to get started

You can usually attend your first meeting as a guest for free. After that you're expected to become a member. As far as cost you'll have to check into that to see what their membership fee is.