OfflineWe are new in real estate investing. We made our first offer on a property in Las Vegas, NV for $46,500. It looks promising as we have submitted the EMD.
But we are now faced with a huge road block as they want cash for the property. We were banking on our home equity but unfortunately, we were told turned down today. We were only able to get $15,000 using my car's pink slip.
One option is an Investment Mortgage Loan, but it would take a long time. If our offer is accepted, we have to come up with the cash within 24 hours.
Any suggestions? Is there any lender out there that will process a loan quick?
Thank you
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Try hard lending money HLM and good luck
Paul
If you don't have the cash or can't get a HML then try to lock it up on contract and pass it off to a cash buyer for a fee. Do you have a buyer's list?
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I'm sure this sounds ridiculous, but what is HLM? and where do I start?
Thanks for your suggestion.
Good Grief! You are out there making offers and having them accepted and you need so much info quickly ...
FYI you mean HML (hard money lender) and not HLM.
There is a 'Glossery of Terms' to click on at the top of the left hand panel of the home page. It's priceless!
Here is a quick link to it ...
http://www.deangraziosi.com/node/3208
Angela
I've only been exposed to the real estate lingo for two weeks now. I have a lot to learn. Thanks for the link.
Violet
Hi Violet,
Congratulations on your offer! It all depends on what your intentions are for the property. To be able to give advice on it. Whether this is a property you are looking to keep as a rental or a quick flip? Do you have an immediate buyer for the property? If this is so then you can do a back to back closing where you can get one day funding for the closing. Then the terms for a loan changes. There's different avenues you can take but your intention for the property must have a clearer explanation to get help here! Much success .........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I cannot take credit for it but you are welcome to the link.
Rina is responsible for it, follow her on this site is the best advice that I can give you!
I am fairly familiar with this site and if you get lost I will be happy to help you out if I can.
Angela
Is there any lender out there that will process a loan quick?
I suggest that you go to a free web site such as Craig's List.
First, find the services section.
Then, click on the RE (real estate) section.
Then, post your request.
i.e., 'Is there any lender out there that will process a loan quick?'
or however you think will bring in the best response.
Read through some of the posts first though. Occasionally you might find what you are looking for without even posting.
Angela
It appears you already received some great advice from DG memebrs. Maybe you could also approach another person in your area and partner with them on the deal. I hope this works out for you. Good luck. Believe and Achieve!
- Joe
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