Have a couple of REO properties under contract but investors has contacted me and are no longer lending money. I need to get money quickly to close the properties before the end of the year or I will lose out on these great deals. Don't have time to go through a typical lender. Any suggestions?
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Do you have buyers? What is your exit strategy?
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
You need to have buyers in place before any HML or PMI will talk to you. Like Michael said, do you have an exit strategy in place? They will ask you this also...Jan
Yes we have a realtor that says she has buyers for the properties after the rehab.
If the deal is right and the #'s connect, they will find the money
There is no such thing as "no longer lending money" no matter what the economy; they aren't interested in the deala nd don't want to hurt your feelings
I would first talk directly to these buyers. Your realtor may not be specaking of a specific client. Sounds possibly like she/he is saying, fix it up and let me sell it. If you got a good deal on an REO, you may/should be able to sell it to another investor who will do the rehab, then you only need that expensive money for a very short while.
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
Sounds to me like you want to buy, fix and flip right?
Any realtor will tell you they have end buyers, that's their job!
If your deals are strong, use a hard money lender, buy it CHEAP, fix it and sell it below market quickly.
If you have a REAL deal, you will be able to find money. Chances are you are under contract at to high a price.
This can be a tough learning process, but it sounds like you are taking the first steps. Careful not to lose your earnest money!
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
what it is
Your best bet to sell is when its distressed not fully renovated; investors dont want to pay full price, or one with little wiggle room
Keep an open eye on them for this. if this connect is yours, keep it yours. No sharing.