Realtor · North Fort Myers, FL · Member since 2011 · 19 posts · 4 votes
Hello everybody.. Have been a BP member for some time, we are Cleveland natives and spend winters in Florida (not old though!)and have bough, rehabbed, and sold several mobile homes. Our son is looking at houses and recently came across one in the suburbs that he's not interested in living in, but has awesome fix n flip potential. We've checked it out well and it would make a great rehab project for him, that could be finished and put back on the market in just a few months. Husband works in construction, BIL is pro roofer, cousins are carpenters., SIL does HVAC...so we/he would have lots of help quickly whipping it into shape. My question....where would I begin to look for a hard money or private lender to get purchase funds? Repairs would be paid for in cash, and he does have some money to put into the deal upfront.Any guidance is appreciated... Thanks!
I saw that you mentioned looking for hard money lenders and that no one had responded. I have no experience with hard money/private money but BP has a link to "Hard Money Lenders" under the "Resources" tab at the top of the page (at least in the beta version of the website).
Out of curiosity, you didn't mention where you bought/rehabbed/sold your mobile homes or where your son is looking at houses… OH, FL, or elsewhere?
Hope the above link helps, best of luck! Please let us know here on BP the results of your search and return on investment if the above mentioned deal goes down ;)
Realtor · North Fort Myers, FL · Member since 2011 · 19 posts · 4 votes
12y
Hi Jeff! Thanks for that link. The mobile homes we've done are in the Tampa/Clearwater (Dunedin, Largo) area...working on another now in St. Pete.
Our son, on the other hand, does not seem to mind Ohio winters....and is looking around Macedonia, Sagamore Hills for his personal residence. This house that he wants to fix and flip is in Cuyahoga County, but a good area.
I did talk to a hard money lender yesterday that I found just by doing a Google search, and the terms seem a little crazy to me. $7000 upfront...they want to lend $32k, with $12k in escrow for repairs, interest at 1.5% per month. Have not seen a breakdown of the figures...but really seems too much.
Has anyone done any business with NACA? Our nephew is Program Director for Vacant and Renovation Housing for the City of Cleveland, and they tell him they can work miracles for this type of project.
Realtor · North Fort Myers, FL · Member since 2011 · 19 posts · 4 votes
12y
That's what I thought, @Doug Merriott. I am going to start checking with the ones here on BP Monday.
Can you share some of the Clearwater area ones with me? Thinking of investing in our winter home too...(actually trying to make it our permanent home...hard to drag a Union guy away...)