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Author Topic: Advice...PLEASE HELP!!  (Read 3406 times)

Offline dr1keyz

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Advice...PLEASE HELP!!
« on: April 03, 2004, 07:18:19 pm »
Hello. There is a 60 unit apartment building (with 1 retail space available) here, in Pittsburgh, for about $100,000 but is in need of renovation. Now, without the renovation, it is worth $258,000 but with  about $100,000 in renovation, it will be worth close to $500,000. I would like to start this deal but I have no clue where I can obtain funding from. My credit is bad due to credit fruad (which I am trying hard to repair) and my immediate funding is limited. A lot of hard money lenders want credit scores and certain downpayments but really, I only have enough for cash for the deposit and possible closing cost.  Any advice on what to do?? I would be a fool to let this offer pass, but when there's no 'dough', it has to 'go' . ??? ??? ???

Offline tedjr

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Re:Advice...PLEASE HELP!!
« Reply #1 on: April 03, 2004, 10:01:33 pm »
If you can get it under contract you may just want to sell to another investor or find a partner. That is a big deal to do by yourself. You may be able to get a hard money loan with numbers like that.  The HML's here care less about scores than they do the deal and the experience of the borrower. I like HML's better than partners but either will do when you can not do the deal with a bank

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

Ted P. Stokely Jr

San Antonio, Texas

Offline dr1keyz

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Re:Advice...PLEASE HELP!!
« Reply #2 on: April 03, 2004, 10:59:43 pm »
Thank you for the reply. It is very much appreciated.  But, do you know of any good HMLs that lend in Pennsylvania??

Offline tedjr

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Re:Advice...PLEASE HELP!!
« Reply #3 on: April 04, 2004, 10:47:30 am »
Here is a link that may help from this website if you have not already discovered it

http://www.reiclub.com/hard-money-lenders.php

You may also try a google search for hard money. I  only have experience with Central Texas HML's

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

Ted P. Stokely Jr

San Antonio, Texas

 




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