OfflineI have been through every tunnel I believe in getting financing for a property
to fix and flip. I am a carpenter by trade in new york, obviously in new york
as so it seems getting these deals funded takes money to make money.
all hard money loan lenders wanna see min 660 fico and 20% down.
No if ands or buts. Now, also Ive tried the venture of private lenders.
what i did was invest in a list from a website targeting high profile people
in the wealthiest area in long island new york (sands point) and within a 50 mile
radius. So i sent a direct mail to each potential lender.
Real estate agents are disgusting in ny as well. they never return
your phone calls or take you seriously because you are not the actual buyer, they
believe you are just living a pipe dream. ive walked in and out of a total of 25 real estate offices,
looking for a realtor, and had no success. I'm running out of options but can't/won't quit.
Ive posted ghost ads on craigslist, bandit signs in a 50 mile radius in target locations,
lowes, home depot, building material stores, and also malls, where everyone loves to spend there money.
ive created a list of buyers, and no joke, they dont even call back. had an reo locked up for a potential
buyer, never heard from him again. any information you can guide me too would be beneficial.
i am a dg student, and looking for creative thinking, that doesn't seem to register with calling the
school because everyone is bleeding deans program.
thanks in advance.
to your sucess.
Chris Dyer
Hey Cris, Private money is the way to go in NY in my opinion. It is hard to find a bank that will refi without 1 yr seasoning, so HM would just kill you in that scenario. PVT ML is better. maybe a friend or family member. They are out there but you have to dig through the pile to get to the needle.Be careful with soliciting as it is against the rules. I forget the name of the watchdog but they can come after you for soliciting for money, they protect the people. sorry i cant think of their name.
I am still looking for a bank that will refi without seasoning. I believe I will find one sooner or later but its a challenge.
never ever give up
Richie
p.s. Im in Queens.
Drop me a note with your contact info. I have several funders in and around NY that do not require a 660 score and 20% down. Let me know.
Hard money will work if you fix and flip, can sell with in 6 months of closing and can get a deal cheap enough that covers the purchase and rehab. Most times you have to actually make your interest only monthly payments and show the lender 6 months of those payments in liquid assets when you get the loan.
Have you thought of wholesaling REOs? Looking for vacant properties and researching them?
You can purchase the right ones that investors buy all the time! I've done 3 this month already. If you have a DEAL (key word DEAL) investors will run to you, not away. This is the formula that WORKS. PERIOD.
Buy them at 65% of ACTUAL (not what some website says)ARV after rehab cost.
Sell them to your investor for 70% of ARV after repairs.
Example Actual ARV is $100,000
Repair est from licensed contractor $20,000
Your Max offer is $45,000 you bought at 65% of ARV after repairs.
Now flip it to your rehab/investor or landlord type for(70%) $50,000 plus closing costs and you just made around $3000 dollars after your expenses. The numbers look better when you do a $300,000 property! Do this 3 or 4 times a month while working on other strategies!!!
To do this you MUST have proof of funds and transactional funds!
Find out how here: http://www.mdtfcam.com This works, I am Proof!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I have a contact that can provide you with a loan with no seasoning...PM me if you still need it. I am in NY as well...Suffolk Cty Long Island.
Good Luck and keep pushing, pushing, pushing....DON'T GIVE UP!!!
Jennifer
"The greatest mistake you can make in life is to continually be afraid you will make one."
Elbert Hubbard
Hi Jennifer
Just pm'd you. I'm in Suffolk as well, maybe we can talk?
Denis