We have a property(preforeclosure) under contract for 92k. Needs only cosmetic repairs. Similar properties in the area are 140-150k. Does anyone know of any good private lenders who can fund this deal within the next few weeks?
Zamar,
I’ve had pretty good luck with a local mortgage broker in the area where I buy. They get me mortgage, private financing, etc, on short notice when I need something in a hurry. When it’s not a rush, I give them as much notice as possible. It seems to work out well. Starting from your position, I would call a couple brokers and ask if they can get financing in a hurry. One of them should say yes. Your timeframe of a few weeks should be fairly easy for a broker. For instance, mine got me a mortgage starting from a cold call in three weeks and a hard money loan in days.
Good luck,
Ray
Keep us all posted on how this works out for you.
What state are you in?
Well my recommendation is deal with a lender that knows investment loans and real estate investing and that knows more than you do.
Private investors are a great start you might start with friends and family 92k is not that much and I am sure you will beable to find some one that has a 401k or IRA that you love to get some better return on their money.
You can find local PI in you area by looking in the new paper or dealling with a Mortgage professional that works with REI and is also an investor them self.
You may beable to use bank money also which may be a better choice if the margins are slim