A bad problem or a good problem?

5 Replies

A bad problem or a good problem?

So I'm in this full court press and I don't quite know what to do.

I have

  • a list of cash flow homes ready for me to purchase
  • a list of 4 plexes ready for me to either purchase or rehab
  • a list of SFR ready for me to rehab
  • 1 retail buyer and 1 investor, interested in cash flow
  • a cheap contractor from church

AND

  • no money

with the buyers in place, do you think hard money lenders will lend me money, even on the cheap SFR houses?

I haven't made a contract for anything, but I have given my criteria to all the people working for me, and everything seems like a "deal".

I've never dealt with HM lenders, but know that they will look at the property and see if they consider it a deal before lending you some of the funding needed. Every HM lender has there own criteria, so I would look around.

I'm quickly learning this. Thank you.

@Kevin Cardinale Maybe wholesaling is an option for awhile if the properties are good? I'm sure with some effort, you may find HM investors, but you might not get the best deal under the sun. Regardless, stay motivated!

@Eric M.

my problem is the people that i hooked up with for wholeselling were.... what's the polite word.... They wanted to pay me $100 per house and they wanted 20 deals a month. yes, wholesale. me having the house under contract.

I need a bigger list. i'm sure that would fix everything.

There are a couple articles on hard money and also some podcasts on this site that deal with hard money and flips. I would recommend that you look into those before you try that kind of financing. It is well worth your time to listen to the podcasts if you haven't already. I always learn a little something even if the topic is not a hot one for me at the moment. I don't think hard money is really something targeted for buy and hold investment.

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