I currently have a deal on the table that I need advice on
Its a 3 family home in a great part of NYC
The owner is selling it to me for 1.2mm ( due to family unrest) , the value of the home is 2.1mm
The units rent for
1 bed - $2500
2 bed- $3000
3 bed/2bath - $3400
How do I approach a hard money lender/private lenders to raise cash?
I have financed my deals to this point with my personal money.
I can flip it for a healthy profit but I also wonder if I cash out refi such a large amount to pay my investor back since I am acquiring so low a price.
Would a hard money lender balk at me asking for close to 1mm the first time I work with them? Or is it all about the deal?
Thanks in advance for the advice.
@Andrew Martin Hey friend, I don't know the answer to your question, but I do have a suggestion.
Have you set up your keyword alters yet? You could set one for "hard money lender" and then get notified when someone mentions that particular subject, then proceed to ask them your question in a private message.
Best of luck to you!
Hi Andrew, I see there wasn't much financing help offered here. What became of this deal?
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