OfflineHey ya'll!
So I found this great deal. A property can be bought for 70K but is worth 4 times the amount. It can be easily sold for 250K. Great right??? I know, I am salvating just thinking about it.
Here is the problem. I ain't got 70K and my credit is lower then pretty much anyone I know. So how do I finance it.
I went to the small local bank and asked them for a loan. They pretty much told me that it is not going to happen really. I went to hard money lenders. They all want at least 20% down. I tried friends and family. They all looked at me like I was asking them to jump off the roof of the building. Long story short... I need help!!! I lost a job, so I have not gotten a penny to my name. I have no credit, no money, but this deal is too good for me to just let it go.
And honestly, if I won't be able to lock this deal up, I will pretty much walk away from real estate for good. I need your help guys and gals! Any advice would be helpful... If you want to donate to my charity, be my guest... LOL Just kidding.
Thanks everyone in advance.
Yuri
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Well you could always try to lock up the property and assign it to another investor. If it really is such a great deal then it should be very easy to send off to someone else. Also, if it is worth 250k you could easily get a hefty assignment fee I would think.
Success and Nothing Less!
It appears lkward13 gave you some good advice. Another option may be, to try to lock it up under contract and find an equity partner. Put some creative ads on Craigslist and see if you get any inquiries. You may also want to try some other banks and look into a construction loan if possible. The key is to try anything and everything. A savy banker should jump at this opportunity. I hope this deal works out for you. Believe and Achieve!
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To: YUR177
I have a local lender here in Cincinnati Ohipo that will loan 85% of the after rehab value. If the property is worth what you say it is you should be able to get a loan from a private lender. The one i use here will loan me the money for 15 months at an 8% rate, charge me 1% on the total loan and i think they will charge me that 1% on the backend of the loan, I can't remember now. You should be able to do soemthing like this. You would either have to refi it before 15 months or how ever long your loan company would carry it or you would have to flip it for a gig profit and then pay off the loan. If you said where you live maybe someone in that area could help you find a loan company or tell you who they use. You know it would be nice if we could send out e-mails to everyone in our home twon only that are members and ask for help like this instand of waiting for them to read these things and hoping they do read them so they maybe can help us. I know there has been many of time I would have loved to get help from mebers in my home town on things.
Have you thought about doing a double closing.Or try small comunity banks and credit unions.And remember some HML will lend based on the arv and if thats the case it can give you the full purchase amount. You just need a good exit strategy.
Thank you guys. All good advice. Thanks!!!
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --