Hello to all from Hollywood, FL

Hello to all from Hollywood, FL

Real Estate Investor · Hollywood, FL · Member since 2010 · 4 posts · 0 votes

Hi everybody. My name is Fred and I'm new to the site. After a month of searching I was able to find a forum for people like myself. I'm a real estate investor in Hollywood, FL. I utilize my real estate license in finding distressed properties to purchase and renovate. I have a master's in construction management and a bachelor's in business management.
I have a great deal of experience in high-rise and commercial construction, as well as single-family renovation. I'm here to network with people more knowledgeable than me to learn more about the ins and outs of the industry. I also have a good relationship with my local building department and know the permitting process pretty well.
My main reason for being here-other than learning new things-is to find a reputable and reliable hard money lender. I'm having a great deal of stress trying to find financing, even though I have excellent credit.
So if there is anyone out there that needs my help, or can point me to the right direction with my endeavors, please drop me a note.
I look forward to working and networking with you, and thank you for having me.
Happy investing,

Fred R.

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  • Real Estate Investor · Portland, OR · Member since 2009 · 660 posts · 244 votes
    16y

    Welcome to BP Nation Fred!!

  • Real Estate Investor · Hollywood, FL · Member since 2010 · 4 posts · 0 votes
    16y

    Thank you. I'm still getting acquainted with navigating myself through the site. Just like anything else, it's an investment.
    How are things in your area? I'm chasing my tail trying to get financing. Do you have any advice?

  • Real Estate Investor · new york, NY · Member since 2010 · 25 posts · 2 votes
    16y

    Hi Fred,

    Welcome to BP!!! From my experience this is the best real estate social networking site. What exactly is your problem trying to obtain financing?

  • Real Estate Investor · Hollywood, FL · Member since 2010 · 4 posts · 0 votes
    16y

    I can't obtain finacing in the conventional sense, even though I have excellent credit. I've been pursuing hard money lenders, however, their terms are very unrealistic and aggressive. I'm just not ready to pay 14% interest only with a balloon payment in 12 months. Do you have any suggestions? If not, do you know anyone that can help?

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    16y
    Originally posted by Fred Rezvani:
    ...
    My main reason for being here-other than learning new things-is to find a reputable and reliable hard money lender. I'm having a great deal of stress trying to find financing, even though I have excellent credit.
    ...


    Fred,

    You're confusing us here. You say you're mainly here to locate hard money sources, and then you complain about the terms that you mentioned here:

    Originally posted by Fred Rezvani:
    ... I've been pursuing hard money lenders, however, their terms are very unrealistic and aggressive. I'm just not ready to pay 14% interest only with a balloon payment in 12 months. ...


    That's just the nature of HML, IMO. Either that's what you want, or you really want something else.

    I'm not disagreeing with your opinion of their terms - they are certainly not so favorable for the borrower.

    Oh - I forgot to add - Welcome to the site!

  • Real Estate Investor · Hollywood, FL · Member since 2010 · 4 posts · 0 votes
    16y

    Steve:
    First, thank you for the welcome. Second, don't get confused. It's very simple. I could read between the lines and all the smokes and mirrors the HML is trying to pitch. All it comes down to is that the HML is betting on you defaulting on the loan. Which is a very good possibility at 14% interest on top of points and closing costs. If you are late on the monthly interest-only payments you will lose the house. If that doesn't happen, in order to satisfy the second part of the agreement, you have to pay the principle back within a year. Hmm, isn't that why we're here in the first place? Because we can't sell all these properties?
    I know for a fact that there are lenders out there with fair and reasonable terms. I am sure of this because I borrowed cash from them at 10% interest on my current finished project. Unfortunately they too borrow money from other lenders that make it difficult for them to make the numbers work.
    I'm sure you have more knowledge on the matter. Please tell me what I'm missing. 14% may not be bad if it didn't come with 4 points and 12 month maturity. If only the term was extended to 30 months. That would be more fair and feasible. I could then make the numbers would with less risk.

  • Specialist · Davie FL · Member since 2009 · 147 posts · 35 votes
    16y

    Hey Fred,

    Welcome, I'm sure you will find lots of great information as I have her on BP. I am also in Hollywood, FL. My company wholesales properties to investors like yourself. I do know a Hard Money lender that Is active here in South Florida market.

    Give me a call or shoot me a email!!

    Info below

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