OfflineHello, I am wondering if there are any Lenders out there that are willing to be in second position on small loans. So far I have found that they want to be in 1st. I bought a house and ended up with the seller financing all of it because my lender would only be in first and the seller would not go for that. It works better for me this way but I have other deals I want to do and am wondering if there are any lenders who would do small loans, between 5 and 20 percent as a second place holder?
Thanks~
Michelle~
If you do not believe in yourself who will?~
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I not going to say you want find one but if you do you are really Lucky. Most just don't do that anymore.
Randy
www.adeptpropertiesllc.com
You may have to look for private investors, who would be willing to take 2nd position on small loans. You would have to offer them interest, but maybe pay it quarterly, to build up some cash flow.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
It was interesting since the seller wanted to be in first place as well. Ended up working out great for me since the seller is now going to carry the whole loan. I get better a rate just dealing with her and I still got my house with no money down. My agent and I are talking about maybe setting up an investment group with each person putting in a 1000.00 bucks so that we can lend to others that can not find other creative ways to finance.
Thanks guys
Michelle~
If you do not believe in yourself who will???