Hard Money Lenders??

With hard money, they usually require you to have skin in the game. They will normally only lend about 65%.

This is a situation where if you have your buyer lined up (CASH buyer), get it under a separate purchase contract between you and the buyer and then you can use Transactional Funding or Private Money and do a double close.

Karen

Thanks for the help! Appreciate your knowledge and expertise

Thanks for the help! Appreciate your knowledge and expertise

I am glad you found the deal, you can wholesale it to your buyers & possible make more than $3,500, before you do that(person above please don't advertise services here it is against the rules & charging 1k seems wrong to me, how about you dg family?) Dont pay attention to her Gabriel anyplace that charges to get buyers is a scam, you get buyers form real estate investment clubs, auctions, Google ads of we buy houses & craigslist.

Get the prop under contract(which is how no one will be able to steal the prop from you although the lenders prob wont, maybe private investors might) but the lenders dont want to burn themselves by doing that #1, #2 they are not in the business of buying props but lending.

So just check the prop to offer below foreclosure prices a little bitsay 5-10k & that way you can wholesale it to your buyers at a discount. So if foreclosures are selling for 50k you would want to put the prop under contract for say 40k or 42k & wholesale to your buyers for 48k or 47k & make 7k-8k on the deal because your buyers are getting a deal below foreclosure prices.

Thanks man appreciate the help and Yes I have no idea what that^^ was about.

Those numbers look great, simple easy to understand example. This is a foreclosure property owned by Fannie Mae which was the lender. (I checked on our county website) Do you think its possible to just assign a deal like this?

The property is not even in the market yet, my guess is its in the process of becoming an REO, but if I can put this under contract before that happens that would be great.

When talking to hard money lenders you can just give them the area your planning on investing and if you want you can give them some details about your deal but not the address, until you get the property under contract then you will bring them all the paper and get into more detail about the deal. I'm sure this is how everyone deals with Hard Money lenders until you build the bond with them and bring repeated deals their way to fund.

Appreciate your help!

Gabriel,

Hard money can be very expensive, so be careful. There are asset based lenders that are much cheaper and allow for higher loan to values, which mean less money down for you. I've been investing for 10 years and have experience with all different types of lending available in the market place. Please let me know if I can be of assistance.

Best of luck!