Private or Hard Money!!!!!!!!!!!!

You want a Hard money lendor to come after...ARV! I would like to
have there # as well. I am not saying it can not be done,Altough
move on to your next Strategy...Keep moving!

Randy
2birds-----1stone
"MAKE YOUR ACTIONS ? "

Hey,

Thanks for the response. I'm looking for a pie in the sky huh!!!!!!!!!

Thanks

Pete

We are looking for a HML that will lend toward ARV, too. So far, no luck, but admittedly we have done most of our HML research on-line. Our advisor at the Academy told us that is the WORST place to find a HML, because most of them are corporate. We plan to try several REI clubs this month. I've heard that is a better way to find private money. Our advisor tells us that there ARE lenders out there who will still lend toward after repairs value, we just have to keep looking!
Good luck, Pete!

Dominic and Kim

Thanks for the reply! I'll check out some REI clubs locally and see what happens. If I come up with anything I will pass it on for the DG family.

Thanks,

Pete

Please do! We'll do the same. By the way, welcome to the DG Family! We're pretty new, too, and we have learned so much from the people on this site. We look forward to watching your progress while sharing ours!!

Dominic and Kim

Try these guys - Fairfield Financing. I think they're loaning in Calif. now, and I'm pretty sure that they will loan towards ARV as long as the numbers are right. To get in with no money down, though, you'll have to buy REALLY cheap! http://www.privatemoneysource.com/hard_lenders.php

It's not pie in the sky! Just keep looking, and like 5H said, try the local groups. That's where the contacts are made. You can also look on craigslist (don't just look local either - check the lists for other cities in CA and AZ) - look in RE Services.

Good luck! You'll find what you need if you keep looking!

Tracey

Thanks,

Thanks for the info and I will keep everyone updated on my progress. If I have anymore questions I will post on the site in the future.

Thanks,

Pete

Thanks Mousebandit,

That site is AWSOME!!!!!!!!!!! Everyone that needs funds for deals needs to check out that site http://www.privatemoneysource.com/hard_lenders.php. It has lots of info for us investors. So thanks Mousebandit that was sweet!!!!!!

Thanks,

Pete

Yes, thank you MouseBandit! That is awesome information! We have a contractor inspecting 2 FSBOs today for us to provide us with a detailed repairs list, and if the numbers work out, we will be calling Fairfield to try to get the money to cash-flow these properties! It's exciting to have so many different options, depending on the house. Some we just want to assign, some are great flippers, and some would be great cash-flow properties! When I think about ALL the possibilities, it is very exciting!!! This link to Fairfield could be a big aid in our plans!

Thanks again Tracey and Pete (got your PM!! )

I know someone with cash and willing to partner with me. Instead of going after a hard money lender and paying high interest to them, I would like to give this person a chance to earn better returns on the money she has on CD's.

What kind of documentation do we need, to make her investment secure?. I do not want to go to a lawyer, only if I have to. Is there a legal document already drafted ready for us to just fill in the blanks. Will it be the same documents Hard Money lenders are using? If so, where do I get it?

Hey Ruby,

What state are you in? If your in a state that uses title companies you can have your escrow officer do a note and dead of trust so your friends money is secured to the property. Double check!!!!!!! I'm pretty sure that's how it works.

Pete

Would this be a separate document than the bank is using, if I buy an REO?
Ruby
I am in California by the way...

Hi Ruby,

Where in California are you? If you are using your friends cash to buy the REO do everything through escrow. Your escrow officer should be able to handle everything and it is alot cheaper then a Lawyer!!!!!!! The only thing you will run into is if you have a leagal question they can't and won't give you any legal advice. That is why you may have to bite the bullet and pay a lawyer. Hope this will help. Oh!!! I foregot to tell you some names to title companies. I use Old Republic Title for all my loans I do for a living. You can use Chicago Title, Fidelity Title, Stewart Title, and there are a ton more. I have used all of these title companies in the five years I've done loans and they are all pretty good companies.

Pete

Hello bubbapres
Thank you for the info. and the referrals. Since you do loans fo a living, would you tell me how that would work? I went to a loan process when I bought my home, but when it comes to an individual (not a financial institution) providing the funds, does escrow treat it differently? Will they do the amortization doc. that shows the payment breakdown?

I live in Acton, California, close to Palmdale.
Thanks again.
Ruby

Hi Ruby,

There is less of a loan process doing a note and a dead of trust for the property. When you do a loan from a bank you have loan docs that take about an hour to sign. With your friend giving you the money it should take half the time and half the paper work. If I'm not mistaken your escrow officer can do that for you or ask a mortgage broker to do it for you and offer him lunch or something for his time. Talk to the Broker not a loan officer because most loan officers don't know how to do that. Hope this helps!!!!!!

Pete

I'm looking for a refi for an existing property that I own in NC
Does anyone have any contacts?
I purchased the property no money down and I had rented for a couple of months but since June of last year it's been sitting empty. It may require some work and updating. I'd like to refi or find a rehab loan to fix it up and then have the property manager rent it.
Looking for insight...
Please PM

If she is partnering with you the property would be in her name also. If she is going to be a silent partner then you need a promissory note with the agreement.
I think there is one on sight in forms and documents.
hope that helps.