OfflineHi DG Family,
I need some help I have 6 properties under contract that are going to close next Friday. This is an extend date of my orginal close which was 2 weeks ago. My orginal private investor (a family friend) came to the closing with a letter from the IRS that his business account was froze until an audit could be completed. After that I lined up another private investor in CA that offered me hope I sent all the info to them and was told they could do the deal, now today I get a phone call and she tells me I need to add someone to my LLC that has a minimum of a 660 credit score. We are in the process of repairing our credit through the company that Dean has on this website but will not be anywhere near that for another 3 months or so. So my question is does anyone out there with a 660 credit score or higher want to partner with me on this. I am only using this money for 6 months and I am paying them 15% on the back end. They are loaning 60% of the ARV. Please PM me if you would like more information or can offer me any help at all I would greatly appricate it.
Thank you
Donna
Needing some help please
Posted on: Sun, 09/27/2009 - 22:26
Needing some help please
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- by granny4010
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Any advise from anyone please
Hi Donna,
Are you planning to keep the properties,or you just want to flip them.If you have Buyer's lined up and are going to flip them,use transactional funding.You might want to also run an ad on Craigslist for a partner,there should be some investor out there to help you. Good Luck.
whurndon
My plan is to rehab them put renters in place then in 6 months sell to a buy and hold investor or refi them and hold them myself. I put an ad on craigslist for Denver which is the closest to me just get those foriegn replys need to broaden my scope I suppose. I might just have to package them and sell them off with no repairs just to keep from losing my earnest deposit. Running out of time.
Thanks for your help.
Donna