Craigslist hard money lender

18 Replies

Has anyone ever used a Craigslist hard money lender? I found a 3 bedroom 2 bath for $10,000 and I'm going in the morning text we do the due diligence and I'm thinking it's only going to need about 15,000 if that in repairs.. the acid after market value should be anywhere between 75,000 and 100,000.. I reached out to a lender on Craigslist and they replied back that they would love to fund my first flip to let them know once i have it under contract? I contacted 5 hard money lenders and they are the first ones that have responded..

99 times out of a hundred they are fakes..  send me 500.00 and i will get you your loan..  then try to bleed you for as much as they can get then go dark.

I don't know if any legit hard money lender would be willing to lend for so little. It is not worth the cost of the underwriting.

Regarding craigslist for hard money lender, I am not sure that you want to read my thoughts on that ;-|

You should better reach out to friends and family or even use some credit card offers.

Could they be legitimate? Sure.

Would I trust any hard money lender on Craigslist enough to do a deal? Probably not. You'll get burned more often than not trying things like that.

Also, a 3/2 that you buy for 10k, fix for 15k, sell for 75-100k doesn't really sound right. A house doesn't cost $10k unless it's ready to be knocked down or is in a terrible area.

I would be very careful with everything you're doing here. I'm not saying definitively that it won't work, because I have only a little information to go off of, but there are some red flags for me.

You can find lots of HML here on BP. Just search the marketplace or the forums.

Yes it was horrible!! Did i forget to mention that the listing was also on CL. 🤦🏻‍♂️🤦🏻‍♂️ The pictures looked good but just got back from looking at the property and it was horrible!! Luckily i have enough common sense and ive learned enough on here and on the podcast that im no where near ready for a deal like that one.. 

We have had so many fake lenders, one looked so legitimate until they asked for money upfront.

Chad Davis a BP member just advised us: "They should have no problem providing you with a title company to verify previous closings."

This is something I will certainly use in the future.

Originally posted by @Odie Ayaga :
Originally posted by @Daron Williams:

@odie ayaga i think its because im using an Android and the chrome browser

Then you'll want to use the Quote feature instead

 Okay thank you for the advice

 

Originally posted by @Renee Moomey :

@Daron Williams sounds as if they are too eager to fund. They should want to know alot more about you and the deal. Scam.

 Yes ma'am.. i contacted a few lenders on here instead.. I've also been trying to wholesale a few deals but i haven't found a single buyer in my area.. have good off market leads that i cant do anything with.. if you have any advice on finding buyers it would really help