Need Help - Soft/Hard Money Loan on $26k Deal in MI

7 Replies

I have a great deal on a 3-bed, 1-bath, 960sf bungalow with basement for $26k in Oak Park, Mi.   My finance partner does not loan for less than $50k.  Can anyone either help me or advise of someone who can?  Thanks much! 

@Paul Zanger , welcome to BP. I am not sure what soft/hard money is--semi-soft? I own property in Oak Park and would be happy to look at your proposal.

I guess I was leaning toward private money when I used the term "Soft"... I like the term semi-soft though  :-).   I have $10k in the bank but need $26k to purchase.  My contractor has not quoted me on rehab yet but the as is current value is around $35k.   As you know $26k for a 3-bed, 1-bath with basement in Oak Park is a great deal right now.

I am looking to either refi and hold or flip within 3 to 6 months.   Any interest in helping finance the deal?

@Paul Zanger , I invited you to send me your proposal. My e-mail address is in my signature.

@Paul Zanger , I've run into the same problem.  I have a contract on a property for $27,500 but finding money to loan under $50,000 has been tough.  Let me know if you find any help.  

@Jerry Padilla , this one is a little more in depth.  Some plumbing and electrical issues.  

@Michael Hicks  The appraiser would most likely mark them "as subject to" be completed prior to closing.  The work would need to be completed then the appraiser would do an final inspection to ensure work is satisfactory. 

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