All Forum Posts by: Tom C
Tom C has started 40 posts and replied 1025 times.
Post: Why is Hard Money so hard to find

- Real Estate Investor
- Ohio
- Posts 1,067
- Votes 86
I never thought about combining, although now with this, then I am looking at trying to complete 2 properties at the same time, while still holding a full time job and school. Can you provide some names of contacts in Ohio? I did get a call from one in FL. late Friday, and it sounds as though it could be a good lead.
Thank you for the advice.
Tom
Post: Why is Hard Money so hard to find

- Real Estate Investor
- Ohio
- Posts 1,067
- Votes 86
Theres not a problem. I thought it seemed a little strange to request your members to pay a fee when without your members networking there wouldn't be a club. If this is the standard, then it is. I pay a hunt club fee every year and for that I get to hunt and fish on the property all year long and we have guest speakers come in too. So I guess the concept is about the same.
Thanks for the reply
Post: Why is Hard Money so hard to find

- Real Estate Investor
- Ohio
- Posts 1,067
- Votes 86
Problem so far has been either my credit score, the amount that is needed is too low or one said they will only loan to a business in Ohio. I was looking at local clubs and they all charge a fee to sign up. That seems a little hoaky to me. It can't be a LTV issue, since none of them have even asked for the numbers yet.
Thanks again for the advice. I will just keep up the research.
Post: Why is Hard Money so hard to find

- Real Estate Investor
- Ohio
- Posts 1,067
- Votes 86
Thanks for the reply All Cash.
Actually I have worked construction for several years, so I have a pretty firm handle of what it cost to rehab a house. My wife also does interior design. I lived in this neighbor for 4 years. I purchased my first home for 42k and did minor improvements and then sold it 4 years later for 64K. Nothing great, but I was happy to finally get out of the city. This was around 5 years ago. I know the homes and the neighborhood. So I am not taking anything for granted that I can see. As an example the house currently is being taxed at a 54K property appraisal and in my county, the tax appraisal are always low compared what that actual appraisal will come in at. So saying 50K was low balling it.
I don't think that I am making any huge assumption here about how much I could turn this house at. If I am missing something please tell me.
Thanks
Post: Why is Hard Money so hard to find

- Real Estate Investor
- Ohio
- Posts 1,067
- Votes 86
I am new to this, but I have been studying and researching investment property for several months now. I am looking at buying one HUD somewhere between 15 and 30K, more around the lines of 25K. These are nice homes and in a 'not so bad' area, that will require very little rehab. I just can't seem to find anyone willing to loan me so little money. My credit score is around 620 and I do have more then 6 months of reserve cash handy.
Other then going to a family member or private investor, does anyone have any other idea's how to get started on my first house?
Thanks