OfflineHi Everyone-
This is my first post!
I just wanted to look for some feedback on hard money. I'm currently looking to finance my first Foreclosure via hard money.
I was wondering how many other folks out there have taken the hard money route with purchasing properties-then doing a refi again w/another hard money lender w/cash out while holding and renting the property until ready to sell. (while using rent and equity cash out to make payments to hard lender over a 1-3yr timespan until ready to sell). My main strategy is- get foreclosures at a great deal, fix up if needed, then rent and use hard money cash out to cover monthy costs until selling market improves =)
Any feedback and/or experiences like this would be great!
Thanks!
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All HML's want skin in the game right now, until you have done a few deals with them, then they will lighten up.
I just spoke to a guy that sells Raising Private Money DVDs and he said that these HMLs are crazy with there rules now & he would never pay that kind of money. You figure after 5 deals with them in a year, you just lost out on like ie: 25k-40 profit.
I also heard that there is 4 trillion dollars in IRA money out there.
Finding a Private Lender is key. Less rules
Jason S.
San Diego, CA.
**All CASH House Buyer!**
Refer Us To Neighbors, Friends & Family, Earn $1,000
LIKE my FB page http://www.facebook.com/JandBHouseSolutions
If you find any of them that will give you hard money without any of your own money/collateral in it, please let us know which one(s) that worked for you.
I'm right now preparing financials on 4 different single family rehabs, that will be rentals after the rehabs. I got price quotes on all the jobs, and getting the homes inspected to make sure there aren't any major issues with them. If there are major issues, then that will either be another tool to lower their price lower, or just bag the deal completely and move on to others. Once I get this info, then I'm going to go to the HML's that do this without credit checks, no docs and keep my fingers crossed. Hopefully, there is someone out there, that is willing to do this. I mean, four properties, and hopefully more in the year will maybe persuade them to think I mean business.... which I do.
Donna
DMD Ventures LLC
Kimmyj & Myself "Tag Team Properties, LLC" are putting together a power point presentation to raise private money. We are teaming up with a guy from Equity Trust "self directed IRA's" to do the presentation with us.
We will keep everyone posted.
I was told Allen Cowgill has the best course out there on raising private money, which we are studying.
Jason S.
San Diego, CA.
**All CASH House Buyer!**
Refer Us To Neighbors, Friends & Family, Earn $1,000
LIKE my FB page http://www.facebook.com/JandBHouseSolutions