Have Private Money

i have a private investor interested in partnering on properties surrounding huntington beach
investor wants you to put in 6 months reserves or more to cover holding costs.
PI is looking to have an investment from the buyer/investor also looking to have more security by being able to cover holding costs.

Edited: 06/26/2010 at 06:16AM

Brice C.

Real Estate Investor · Oroville, California

108 posts
-122 Influence
1 Award

Icon_minipost Oct 31 '08, 12:20 PM

PI prefers to avoid major rehabs will lend on 50 % true mkt value after repairs.
I could prob get him to go as high as 60 % but on first deals need more margin for error.........besides there are still plenty of deals out there below 50 % arv

Edited: 06/26/2010 at 06:16AM

Brice C.

Real Estate Investor · Oroville, California

108 posts
-122 Influence
1 Award

Icon_minipost Jan 22 '09, 11:04 AM

Hmmmm not much intrest in Private money I suppose.

Edited: 06/26/2010 at 07:01AM

James Hiddle

Real Estate Investor · Altus, Oklahoma

2515 posts
9267 Influence
7 Awards

Icon_minipost Jan 22 '09, 01:34 PM

Do you require any credit?

Edited: 06/26/2010 at 07:01AM

Curt Davis

Wholesaler · Memphis, Tennessee

1108 posts
6055 Influence
7 Awards

Icon_minipost Jan 22 '09, 05:23 PM

" Do you require any credit " that to me sounds like someone who has bad credit. If you do you should not be looking for hard money, you should be looking for credit repair.

I have access to hard money only if you are buying property from our company. We sell in Memphis, Charlotte and Dallas right now. Here are the terms. It is a 90 day loan. 5 points taken out on the front end and 1 point per month on the back end or until it is paid back. In order for you to get the hard money you would need to be approved for the perm finance before the loan is accepted. These loans mostly work for buy and hold investors. There is no down payment or anything like that. They will loan up to 75% of the ARV. Hope this helps

Edited: 06/26/2010 at 07:01AM

Curt Davis, buyMemphisnow.com
E-Mail: crtdavis@gmail.com
Telephone: 901-881-0552
Website: http://www.buymemphisnow.com
Full Service Real Estate Investing in Memphis TN

Lee Ali

Real Estate Investor · Fairfield, Connecticut

46 posts
131 Influence
3 Awards

Icon_minipost May 20 '09, 03:04 AM

Mr_Investor,

Never ask any lender if they require credit score. Banks have created credit scores to put the borrowers on the defensive. If you don't have good credit, partner up with someone who does.

You don't need to be on the deed if you can control the property without being on the deed. Put a lien on the property, or get subject-to from your "good credit score" partner.

Private Money is an entirely different frame of mind.

Private Money = Freedom from Banks and Their Shenanigans.

Do larger deals. Apartment complexes. Investigate HUD 223F for 100% financing.

Lee

PS: I am not into the guru "secret" nonsense. Ask me. If I know the answer I will tell you. My game is to increase my network as large as possible to do deals.

Edited: 06/26/2010 at 08:17AM by Lee Ali

Jesse R

Rehabber · El Paso, Texas

507 posts
2779 Influence
7 Awards

Icon_minipost May 21 '09, 04:02 AM

These are old posts. No need to revive. There are several of these going around

Edited: 06/26/2010 at 08:17AM