Close to the first deal
Hello BP,
A few weeks ago I started on my journey to investing in Real Estate properties. I think I might have found my first deal!!
I bought a foreclosure list and it is listed as a pre-forclosure. The property is close to a college and is 3 units. What is owed is 250k and the price of the house is about 401k. Even if I bought the property for 450 it would be a good deal. The location is PRIME and I should be able to get about 4-6k in rent a month.
I have two problems:
1. I am only now searching for hard money lenders as regular banks, so far won't give me a loan.
2. I have no idea how to approach the owner without seeming like a... vulture.
Questions.
Anyone have any idea how to sell this to hard money lenders?
How do I speak to the owner without seeming like a complete P.O.S?
Ladies, Gents, I am so excited to be so close to this deal after gorging myself on the good advice the BP community provides.
!!!!!!!!!!!!!!!!!!