Updated about 7 years ago on . Most recent reply
Question about lender
I am wondering if anyone has worked with Derrick Cliton from CA. I am considering having him fund a deal but hoping to find someone that has worked with him and could provide a reference. thank you
Most Popular Reply
Hey @Chuck Astleford, you live in Michigan. Why would you borrow money from someone in California when you dont know this person??
More important, why would this person lend money to you in another state when they dont know you???
Be local. Become a part of a REIA in your area. There will be tons of hard money lenders in the area. You pay a little more, but you are not going to get scammed. You 100% will with this guy.
The only way someone is going to give you 100% financing is if it is someone that you know. And it is someone who trusts you because they know your reputation.
I have borrowed 100% of purchase w/closing costs and 100% of rehab all at closing. This only happens with people who know you and have seen the deals that you have done. They are your friends on facebook. They are people that have been to your rehabs. They are friends that you wholesaled a great deal to in the past. That is how it gets done. Older Aunts and Uncles, Cousins, Grandparents are great lenders because they have amassed little chunks of cash. They dont need 10% interest. They are only getting half a percent in the bank.
Ask friends who are doing this also and stay local.