Oct 19 '08, 09:51 PMHello,
I am new to this forum, but I am looking to establish a working relationship with a hard money lender for some deals that I am working on. I am a holder (landlord) that is starting to buy properties well under value. Some might call them "Ugly Houses", but even a muddy gold nugget has value.
As an example, I have come to terms with a seller to purchase a single family residence for $8300 ($6500 + $1800 back taxes). This property has an ARV of $40-$45k.
I can purchase the property via seller financing as she is willing to carry the paper, but I am looking for a HML to do the clean up and minor cosmetic repairs. Ideally it would be easier to take out a HML of 18-20k, cash out the seller, pay off the taxes, and use the remaining amount for repairs. I am open to terms and I do have experience working with HML in previous states that I have lived.
I have probably babbled to much as it is, but if you are or you know a HML in the Indianapolis area please forward the pertinent information my direction as it would be appreciated.
