All Forum Posts by: Curt Davis

You should take a few things into consideration. How many properties does this person own? How many have they purchased from you? Did they back out within the due diligence period? Could this ruin your relationship with this person ( taking into account if you have one ). You will have to go with your gut on this. Remember, this is real estate investing and loosing money is part of the game sometimes. Keep the ernest money, thats my suggestion.

Chris,

I am a whole sale investor in Memphis TN. I work mostly with out of state clients who are looking to the Memphis market because the properties are so cheap and the cash flow is good. I myself have invested in the market here. I have sold 72 properties in 2008 and I would say that at least 85% of them I was able to get them into the house with no money down. It really does work and it happens all the time. This is where a hard money lender comes into play. I just put another property under contract for myself the other day and will use hard money to purchase it. This is how I and many others are buying property. It is not realistic to put 20% down. It would be better to save your cash reserves. Thanks

Detroit is a terrible place to invest. I have had many clients who have dumped their property there because they were at serious risk. I know there are risks every place but I have just heard too many bad things about Detroit.

Our website generates on average about 1,500 unique visitors per month and then there is all the other regular traffic.

We get most of our generated leads from other sources than our website. My goal is to just get them on the phone so I can determine if there will be a second phone call.

Gus,

Next time before you lock up a property to sell make sure you contact an appraiser and see what it willappraise for for the next 90 days. That is what I would do.

Tom,

I understand what you are saying. For whatever reason my bank and closing attorney are able to make this happen and we have done this about 200 times in 2008.

Kel,

A hard money lender is someone who will lend you money to purchase a house, usually they will do 70% of the ARV. There is interest that they charge you, usually 5 points interest on the front end which they take out of the funds right away and then they charge you 1 point interest every 30 days until the loan is paid back, usually 90-180 days. I buy all my property this way and I help all my clients buy them this way also. One thing to keep in mine, never get a hard money loan without a way to pay them back.

There is no seasoning if you are using hard money. There is seasoning if you buy with cash and try to refi, then you would have to wait 6 month. I am able to purchase, rehab and refinance all within 45 days. I work very close with my lender.

Heather,

That is a great idea. If you find anyone who will do what you are asking let us all know. I want to refi my house but it would be about $3-4K out of my pocket to do so. Good luck

Tom,

My hard money lender requires anyone to have an approval letter to make sure that the investor can get refinanced so he will get his money back. So even before I purchased the home I knew that I was good for the refi. You are not the first person to ask me this and it makes me wonder why anyone would want to get hard money unless they had an exit plan figured out in advance.