All Forum Posts by: Jeremy Hardy

We are looking for someone who is wiling to do up to 70% LTV hard money loan. We currently have a great list of properties in our area that are well under valued, with post construction a profit of 35%-45% of overall sales price. price ranges from 15K- 150K purchase price before construction.
Curious to know what anyone would be expecting in return for their money from a investment standpoint in a hard money situation here.

Heres an additional idea, if there is room after the rehab is complete, maybe you allow that same Agent to list your property? I bet she wont think that is insulting! If she has a chance to double dip a client then she will work hard for you.
It is a business and she needs you as well you need her. But try and stay on her good graces :D

Looking for a private lender or hard money lender, in teh St. Louis area, we have many deals going on right now that are very benifical. We are working with a few lenders right now that are very slow to get going and are costing us deals and money, let me know if anyone is in the area or can give a hand in pointing us in the direction we need to go from here.

In this situation it is not illegal. If you were a realestate agent it would be called "going behind the sign" which isn't illegal, but through the real estate commision it is punishable.
Since you are not a real estate agent then you are fine.
It is a 2way street many people wont do it, but those same people if they knew that they would secure a deal and even potentially make more money then they probably would do it in that case.

I actually bought my 1st invest at 20 yrs old as a owner occupied, my wife and I got this house from my grandparents who were renting it out already and that lease was up. Bought it at 100k Comps at that time were aound 125K. Lived in it for almost 3 yrs, sold it for 160K, took the profit and bought ourselves another one.. From there is just took off, I got my real estate license then, started buiying multi family and S/F with my partner, and jsut never stopped. We are still in business as partners 7 years later and we both do this fulltime now.

Not for sure what the law is in your state. In Missouri youcannot receive any commission on a purchase or sale unless your a license real estate broker. Any real estate agent can only be paid through their broker.

Having said that, they gray area is basically you have a deal under the table with a investor that is agreed upon between you two. If you are not a real estate agent how are you finding all these deals for them to purchase? Do you have a friend who is helping you out that is a agent? or just searching the internet for them on your time?

Depending on your credit score then yes you do have enought saved up..

The broker is the boss if you are in the arrears on office fees or advertising fees to them you may not get any of it. Cold hard truth... I have seen it happen before. Also saw where the agent and the broker disagreed on the commission split, and never agreed so agent quit and broker sent his license to the state, and never paid said agent..

Interest only I assume means IO?
That wouldn't be a good idea at all. There is a time and a place for a IO loan. When necessary they should only be used in short term meaning 1 yr max and or rehab loan or construction loan. Both of which require you to pay off early and cost you lots of money in the long run.
I honestly would suggest here that you actually sell this house and use a different house/project for your investment. I am unfamiliar with your market but venture to guess that you are really close to markey value on what you already owe. based on your previous post. This isn't the cash cow you were looking for. move on to another one..

There are still a few that will do 90 day seasoning min..