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Author Topic: finding partners/investors or hard money  (Read 7456 times)

Offline daytona newbie

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finding partners/investors or hard money
« on: October 06, 2007, 03:53:03 pm »
hi
i'm new to this site so please forgive me if some one has already asked this question (i didn't see it though)
i have read a lot, gone to seminars, and looked a lot... and now i am ready to start on my first deal.  my biggest stumbling block at the moment is that i am self employed and recently my credit has taken a "dip" (but was 680 a yr ago)...
i have found several properties that can be purchased for 65% LTV or better, but am still in need of either a partner/ investors or a hard money lender willing to do the deal.
any suggestions on where to start my search? 
thanks in advance

Offline REI4ROI

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Re: finding partners/investors or hard money
« Reply #1 on: October 07, 2007, 08:24:11 am »
Let me be the first to welcome you to the forum---you are in good company...

Assuming that you are investing in FL, there are a number of rehab HMLs available ranging in ARV, documentation requirements, FICOs, etc. 

I'll send you a PM to expand on this further...

Regards,

Scott Miller
RE Investment Advisor
Weichert Realtors
[email protected]

Offline REIWilliam

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Re: finding partners/investors or hard money
« Reply #2 on: October 09, 2007, 08:53:23 am »
Scott,

I am just starting out also, and wanted to know if you or anyone else has any names, or recommendations in the Chicago area ( northwest suburbs) for PL & HML

Thank you for you time.

William

Offline REI4ROI

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Re: finding partners/investors or hard money
« Reply #3 on: October 09, 2007, 10:36:42 am »
Sure---I'll send you a PM too...

Regards,

Scott Miller

Scott,

I am just starting out also, and wanted to know if you or anyone else has any names, or recommendations in the Chicago area ( northwest suburbs) for PL & HML

Thank you for you time.

William
RE Investment Advisor
Weichert Realtors
[email protected]

Offline WCIcali

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Re: finding partners/investors or hard money
« Reply #4 on: October 16, 2007, 09:34:02 am »
Hi Scott,
I am also new to investing and have three deals which i need to find HML for.  (This is actually my first time on this site!)  Can you or anyone else please refer me to any HML in CA.  Thanks!!

Offline REI4ROI

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Re: finding partners/investors or hard money
« Reply #5 on: October 16, 2007, 09:50:18 am »
Certainly---I'll send you a PM now...

Regards,

Scott Miller

Hi Scott,
I am also new to investing and have three deals which i need to find HML for.  (This is actually my first time on this site!)  Can you or anyone else please refer me to any HML in CA.  Thanks!!
RE Investment Advisor
Weichert Realtors
[email protected]

Offline John.Scott

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Re: finding partners/investors or hard money
« Reply #6 on: October 18, 2007, 10:28:42 am »
Personally, I struggled to find a hard money lender with terms that allow me to actually make a profit!  After some time though I did find money by networking with mortgage brokers and individuals.  I found that after building relationships with mortgage brokers some of them were willing to give leads to individuals who have money to lend.  Many brokers are investors also and enjoy talking shop, even if you aren't borrowing through them.  Developing relationships was my key to opening doors to money.  Often times money comes from sources you least expect!

I started with WWW.PRIVATE-MONEYLENDERS.COM and began contacting the lenders listed there.

Good luck and good fortune! :biggrin

John

Offline REI4ROI

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Re: finding partners/investors or hard money
« Reply #7 on: October 18, 2007, 10:47:47 am »
I'd be curious to learn what your point of reference is---what is the interest rate/points configuration that you have been introduced to that didn't allow you to make a profit?

I have loan programs that offer a I/R pegged to prime + and others with lender points as low as 0---is it possible you haven't turned over every hard money rock that is out there?

Hard money is always a cheaper alternative to bringing in a partner, but in some cases, it's not cheap money (so you need to be build this into your purchase price). 

There are a few conventional rehab loans available to investors that might be a suitable alternative to those that are concerned with the costs of hard money.

Regards,

Scott Miller

Personally, I struggled to find a hard money lender with terms that allow me to actually make a profit!  After some time though I did find money by networking with mortgage brokers and individuals.  I found that after building relationships with mortgage brokers some of them were willing to give leads to individuals who have money to lend.  Many brokers are investors also and enjoy talking shop, even if you aren't borrowing through them.  Developing relationships was my key to opening doors to money.  Often times money comes from sources you least expect!

I started with WWW.PRIVATE-MONEYLENDERS.COM and began contacting the lenders listed there.

Good luck and good fortune! :biggrin

John
RE Investment Advisor
Weichert Realtors
[email protected]

Offline Investment Loans

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Re: finding partners/investors or hard money
« Reply #8 on: October 18, 2007, 01:45:26 pm »
hi
i'm new to this site so please forgive me if some one has already asked this question (i didn't see it though)
i have read a lot, gone to seminars, and looked a lot... and now i am ready to start on my first deal.  my biggest stumbling block at the moment is that i am self employed and recently my credit has taken a "dip" (but was 680 a yr ago)...
i have found several properties that can be purchased for 65% LTV or better, but am still in need of either a partner/ investors or a hard money lender willing to do the deal.
any suggestions on where to start my search? 
thanks in advance


Scott,

I am just starting out also, and wanted to know if you or anyone else has any names, or recommendations in the Chicago area ( northwest suburbs) for PL & HML

Thank you for you time.

William



Hi Scott,
I am also new to investing and have three deals which i need to find HML for.  (This is actually my first time on this site!)  Can you or anyone else please refer me to any HML in CA.  Thanks!!


Rehab loans range from 65-85% of the after repaired value.
Most rehab lender will give you the funds to purchase, fix up, cover costs, and sometimes even payments.

Some check credit just  looking at pay history, some have minimum score requirements, and others dont check credit at all.

HML usually only operate in areas close to them but there are a few that work on a national level.  There are plenty of options for rehabber nationwide. 

A mortgage consultant specializing in investment loans can point you in the right direction.

Will also over a message so you have additional contact points.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline jdproperties

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Re: finding partners/investors or hard money
« Reply #9 on: October 18, 2007, 08:48:53 pm »
EZloans,

Do you know of someone in San Antonio we could contact for borrowing to do a rehab?
Joanne joannesreidealboard.webs.com

Offline Investment Loans

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Re: finding partners/investors or hard money
« Reply #10 on: October 18, 2007, 10:32:34 pm »
EZloans,

Do you know of someone in San Antonio we could contact for borrowing to do a rehab?

JD,

There are several lenders for the San Antonio area.  That's actually a great area for rehabs.  Bexar was doing quite well.

If you dont mine an additional source, I'll send over an email with some questions to determine which lenders you should speak with.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline REI4ROI

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Re: finding partners/investors or hard money
« Reply #11 on: October 19, 2007, 05:57:35 am »
Sure do and as Ben indicated, the options in TX are diverse---I'll send you a PM to continue this discussion...

Regards,

Scott Miller

EZloans,

Do you know of someone in San Antonio we could contact for borrowing to do a rehab?
RE Investment Advisor
Weichert Realtors
[email protected]

Offline RichBurgos

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Re: finding partners/investors or hard money
« Reply #12 on: October 22, 2007, 07:12:54 pm »
Scott,

you sound pretty diverse on alternative financing, I'm to ask you if you can refer me to HML or PML in the New York area.  I'm finding pretty good deals below 30% market value and the hardesd part is the finding financing. 

can you refer me a HML or PML?

Offline REI4ROI

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Re: finding partners/investors or hard money
« Reply #13 on: October 22, 2007, 07:35:07 pm »
Rich,

I'd be pleased to review the rehab financing options available in NY---I'll send you a PM to outline my thoughts further...

Regards,

Scott Miller

Scott,

you sound pretty diverse on alternative financing, I'm to ask you if you can refer me to HML or PML in the New York area.  I'm finding pretty good deals below 30% market value and the hardesd part is the finding financing. 

can you refer me a HML or PML?
RE Investment Advisor
Weichert Realtors
[email protected]

Offline F-Props

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    • Connecticut Real Estate Investors
Re: finding partners/investors or hard money
« Reply #14 on: October 22, 2007, 09:30:52 pm »
There will always be Hard Money lenders with booths at your local REIA. (Investor Club).  You can also try google for 'Hard Money Florida', ect ..
Connecticut Real Estate Investors - We Buy / Fix / Sell Houses in CT.

Rehab  Houses in CT - Over 3000 fixer uppers for sale in Connecticut. *updated daily*

 




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