Updated over 10 years ago on . Most recent reply
Looking for private loan
Hey guys. I have found a smoking deal on a turn key rental property. The owner is in a real rough spot and needs to cash out immediately. The property is a 2 unit house where both the upstairs and downstairs have long term tenants paying a total of 750 dollars/month. The house is listed for 30,000 but if I can close by next Wednesday I can get it for 20,000. Problem is... my go to private lender (a friend) isn't able to make that happen right now. So I'm scrambling trying to get something done. Going through a conventional loan will take way too long and by then it'll either be sold or the 20k price could be expired. Does anyone on here have any recommendations of some hard money lenders here in North Carolina? Or that will do business here rather? I found one online that seemed promising until they told me that their minimum is 30k. Bummer because that's the actual purchase price, I'm just getting an extra good deal. 20k for a 1800 square foot 2 unit house that is currently producing 750 a month is too hard to ignore! I need help!! Any feedback would be great. Thank you!