All Forum Posts by: Peter Prawel

I'm wondering how to get immediate funding. Does anyone know a lender who will jump on board? The property has a value of 50k. I have no problem with a lien/2nd mortgage position... The auction ends in a few days. Advice? Leads? Links? Thanks.

@John Hyatt you started this thread, did you ever find a good list of lenders for this price range?

@Ned Carey thanks. We all see a few of these rural Properties that actually are pretty nice. If a person then runs a rental analysis, there is actually more potential on keeping a long term rental. There is less available rentals in 20 miles. Interesting niche.

@Ned Carey thanks Ned. Enjoying the friendly discussions. Thanks for the welcome!

@Michael Sato thank you!

Bump this thread ^^

As I see a need for lenders in this range of loan amount.  I'm hoping we can get some new lenders and ideas .

Thanks.

@JD Martin I appreciate your input. As we all know, realtors are human. Lenders are human. I'm not here to give anyone a black eye but as we all know, small town business shuts down at 4pm. :) My hunch is that I awoke a sleeping deal. Whether it was the realtor or the financial, who knows... but this was definitely the fish that got away.... You all were correct, I should of been right on that contract. but sight unseen? Well that makes everybody a little nervous... Lesson learned? I guess I'll have to quietly stalk my prey.

@Chris Mason I felt this topic should be talked about and I'm happy others are peacefully contributing.  Thanks to all.

I have enjoyed this conversation with everyone and I hope it continues.... Please Understand, I'm not trying to give lenders a black eye but the property was sitting in a rural area and was a bank owned undervalued property.  It had sat for 12 days with no action... I had called the realtor to inquire if it was available,  he said yes... Then I made 2 inquiries on the financing.  The next morning i called to get the offer going.... Gee, someone had just made an offer!  The timing was just odd.... I had slept overnight and the place was gone by morning....  so obviously I'm scratching my head....  It "could" have been a coincidence that someone showed up at 8pm and did the deal. but it also was VERY LIKELY that I attracted interest in a deal that had been out there sleeping and I placed a big neon sign right on top.... I'll never know.  Since then? Well I've hesitated in sharing the specifics of the deal.   It's nothing personal. The timing was just too much to be a coincidence. Who knows...   

@Michele B. Thank you for your comment. I'm not exactly Hard Money experienced, but I did notice they all want to know the address before they will give you numbers. It's understandable, but we fill out an online form, click send and give them all the details... I lost a local property within 12 hours. It was available, then *POOF* all gone the same afternoon after I made 2 inquiries about financing..... I guess I'm old school and want to make sure financing is approved before making the commitment. Money talks, B.S. walks. :)