Hard money loans

Thank you for your responce. When you go to real estate seminars and the speakers tell you how easy it is to get a hard money loan on a good deal. It is frustrating when you can not find a lender that works the way it was told to you at a seminar.

I will keep looking. The money is out there I just need to get with the right lender.

Steve.

No one has used hard money in California. That is OK I have not used it yet either. If you do not ask you will never know.

Steve.

I know several people that have encountered exactly what you have in California. Here, in Colorado I have several HMLs that will fund 70% of ARV. So if your purchase and rehab is 70% or less they will fund 100% of the deal. That does not happen in California that I know of.
You mentioned seminar information on hard money. I have not heard the truth presented yet, unless it was the hard money lender themselves making the presentation. The old "it's the deal only story" is complete BS. They fail to mention the 6 months of cash reserve needed and credit reports the ARE requested. It's easier to sell their products if they don't reveal the complete truth.
Look for that true private money lender, they won't be advertised on some website.

Good luck guys!
Michael Mangham
MD Home Acquisitions LLC

Thanks for that information. I guess I am just going to have to leave California after I retire. I am still looking for private money or HML. I should be able to do another cash out refi in about 2 months also to help with down payments. I just need to start doing the type of deal you are doing Michael.

Steve.

I just had a call from a loan officer at Superior Bank, asking if I wanted to loan money to a client of hers ... who had a bankruptcy & foreclosure & is
upside down on the house. This is the same bank that appraised the last house
we sold for nearly half of what she wants me to loan out.(same neighborhood, 2 blocks away to be exact) ... I don't know what's going on with some banks, even with our 800 credit scores, 2 times the cash in the bank as what we're looking for, & a $ 400/month positive cash flow they baulk.

I know it is crazy. I was hoping to find a HML or private money to start filping bigger deals. I can buy the 10k to 20k homes in Indiana and Illinois but we live here in Califonia. We want to start filping houses out here that need repairs but the purchase pice and repair price is a little higher and so is the profit. We want to take our REI to the next level.

Thanks Gary and Jill for all of the grate information, motivation and encouragement that you both give us.

Steve.