Frustrated with funding

14 Replies

I've spent the past few months trying to find out what the hard money market is doing these days, and I'm getting nowhere.

Every source I find either wants a good credit score or 'skin in the game,' (40% down on purchase price) and usually both.

What has happened to the no doc 65% of ARV LTV loans?

Are they all gone?

Sure I can wholesale flip, but I've also heard that hard money lenders won't pay assignment fees, which will limit my buyers to 'cash buyers' only. Not to mention that that won't build any long term wealth.

I'm feeling lost in the weeds right now. Nothing is as it used to be, and I don't have the first clue what's working now.

@Vanessa Blais

Have you considered partnering with another rehabber, where you get a certain portion of the profit for finding the deal? You aren't going to make as much money as you would if you received a 100% hard money loan, but you will minimize your risk to nothing (none of your cash in the deal) and you'll be able to learn hands on from the rehabber you're working with.

Hey Kyle!

I don't even know any rehabbers anymore. I rehabbed quite a few properties back in my 'active' investing days (1999-2007).

That said, I'm not opposed to partnering with someone, but without cash or credit of my own to bring to the table, I'm not sure why anyone would be interested in partnering with me.

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@Vanessa Blais

People will be interested in you when you have a great deal to offer them. I would recommend shifting your focus from finding financing to finding great deals to offer other rehabbers. At the same time though, begin networking with other investors so you know who to go to immediately after finding a deal... your local real estate club is probably your best bet to get you going and BP would be a good resource in that regard too.

I think you are right. I can wholesale flip for cash. That's not a problem. I know how to do that.

And I was a member of SREIA in Tampa for years, and I'm planning to go to the General Meeting this Tuesday night.

Back in my day, finding hard money was easy, today, not so much.

BP? Not sure what BP means...???

Doug,
I actually have a pretty comprehensive list of all the REI meetings (REIA and non-REIA) from Hillsborough to Citrus. I'm limited to the ones that happen during hours that the kids are at school or when I have a sitter (RARE). :)

I hear you. I go to mine while my wife is at home and we do our monthly meeting together and get a sitter.

Money is out there, I was at a REIA last week and there were two hard money lenders at least.

@Kyle B. ,

To make the @ work, do the following:

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Raymond

Doug, thanks for sharing that info. Back when I first started investing in 1999... I'd read the home study courses, and the concept of hard money, but it wasn't until I started going to the networking group meetings that I actually found any HML's who did what the books said they did.

One of the groups was run by a brokerage house that hooked us up with the hard money lender, so they did all the work to find the guys with the money and we just paid them their points for doing it.

Hubby is in the medical field and he does a split shift from 6am-8am then 2pm-8pm, M-F. (And the 8am usually winds up being 9am, LOL.)

He's going to try to hit the SREIA luncheon with me on the 2nd Wed of the month since the kids will be in school.

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Originally posted by @Vanessa Blais :
Interesting Raymond. I just realized there is no 'quote' option on this forum. I guess the @ is sort of like 'tagging.' Cool TY.

You can certainly quote...when replying to a post, just hit the "quote" button on the left...