OfflineI have a flip home in great condition, 60 cents on the dollar, coming under contract. I need some private money to make this deal happen.
So far I have partnered with another fellow investor who is using his experience and credit to acquire a Hard Money Loan, we have experienced contractors in place ready to go, the home is in a great market and we have all documentation needed to make people feel comfortable that they will profit from this transaction. Because of the wide spread and our conservative estimates we have the ability to be very flexible with our private lenders.
If you are a lender or know where I can find them- please let me know- thanks!
Senior Partner - Neo Acquistions
http://www.neoacquisitions.com
"Nothing is impossible, belief is all it takes."
If and when you figure this one out, we would love to find out about how to finance the 10% earnest money you are required to pay on all REO's. Whatever happened to the $1.00 or even $500 or $1000 earnest money? We have quite a few properties we could move on, but we spent ALL our capital on training and are virtually drained dry financially. We would love some leads on figuring out how to finance that kind of earnest money. If you have any ideas, please share. Thanks!!!
Good luck YoungNeo!
Patty and Dave Frahm
A few options I've used for short term cash for the earnest money deposit: credit cards, family members, 401K loan, auto title loan....
Each style of property acquisition has its OWN procedure and methodology...
READ and STUDY the materials. RE-READ if nec.
There are 12 ways to acquire real estate.
FIND the one that suits YOU. And then proceed.
READ THE DG.COM THREADS!!! Look up by SUBJECT. Read all the way through. Take, make notes for future reference.
Seek and ye shall find...Do your due diligence. LEARN how it's done. Stop guessing. Real estate acquisition is a business.
It requires a knowledgable approach. Fill your tool belt.
Maybe some wires are getting crossed? A private lender for EMD? Huh?
If you don't have a hammer...then don't try to nail something...
PS. If you're Wholesaling, and you set it up properly, your buyer provides the EMD...it's in the threads. Earnest can be anything of value. But when dealing with traditional Institutional Sellers, they have their requirements. Less than $1000 (standard), can be played with PRIVATE Individual sellers only.
PPS. Neo - BEWARE of SEC regulations when seeking out Private Lending sources PUBLICLY! Talk it up at your REI club privately, not here.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
• "To every thing there is a season, & a time to every purpose..." ~Ecclesiastes 3:1-8
• "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy!" ~Dale Carnegie
• "Begin, be bold, and venture to be wise." ~Horace
• "Never, never, never give up." ~Winston Churchill
• "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it." ~Johann Wolfgang von Goethe
EMD goes with REI, Believe me I am not one to stand in any investors way to make a buck but if you can't afford the EMD, why are you getting involved with this project that is going to cost you way more than a EMD. You will be behind the 8 ball before you get started. If your partner has the credit, then take a cash advance if the profit will cover it. Really my friend and I don't even know you but I have been around this site for years, Think this thing through before you leep. Much success if you go forward...Jan
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http://www.real-estate-in-miami.net
Miami Realty
Have more fund than deals....
PM me for more info...
John Burrage Jr
I Have more funds Than deals..PM me for more info...
John Burrage Jr
How much $ is the HML asking for EMD? Having an EMD is like having "skin in the game", which is what some ppl wanna see.
I haveta say that not all real estate deals will require a 10% earnest deposit. You wanna stay away from those, until you have funds to buy a home from one of those crazy gov't programs. Who has 10% em deposit waiting to be used? Unless you have serious connections, it can be hard to come up with a $15k EMD for a house that's gonna cost $105k to buy.
The deals are out there ~ Look for any mls homes or off marker FSBO homes that don't require an arm or leg for EM, and you'll be ok.
Good luck YoungNeo!
Hi,
I am new here and one thing that came to mind after reading your post was how do these guys expect to do a deal if they don't even have the earnest money deposit to lock down the deal.
One of the first mistakes I made when I started was that I thought a lender would fund the earnest money and I found out the hard way and the harsh way that they won't.
If your not using a realtor from one of the larger firms like Century 21 or Re/Max and your not using conventional funding, you could probably get by with a small earnest money deposit, one so small that you probably have it in your pocket right now.
You will run up against some sellers who are not new to this and will require 1% to 5% earnest money which I am thinking your dealing with.
Have you thought about just assigning this deal to an end buyer and using their earnest money deposit to lock up the deal?
I am new to the business but is in need of some earnest money yesterday there any one that can help me I am located in south carolina.
Hello Everyone,
I am interested in flipping houses. I saw a video by Dean/Matt about private money. Can anyone please explain what this is exactly and how do you go about acquiring it?
Thank you.