I am looking for a Private Money Lender. I have a deal under contract now and the PML
I was going to do business with turned out to be fake.
I am supposed to close on the 29th of this month.
The Deal:
3/2/2 Brick Home Very nice house in very nice street of houses. Will sell fast
Needs updating $10k - $15k depends on your taste.
Comps are $60 low to $65 high sq ft.
2047 sq ft main 400 sq ft garage.
Contract price is $78,500.00 will sell for $130,000.00 avg.
Market rents are $1200.00 month avg.
Would consider assigning my contract for $2000.00 up front. or
$1000.00 now and $100.00 month for 15 months or
$500.00 now and $100.00 month for 25 months.
Any ideas where to find interested parties?
How much of the 78k buy price are you putting in of your own capital?
What state is this deal in?
none… Im bringing the deal to the table. heading the rehab.
Thats why I was paying a good return to private money lender (who btw would be 1st lien position for security)
In all honesty I don’t think the rate or the deal is sensible for a HML…You are right to look for a private investor…The rate …the terms…the lack of skin in the game will eliminate any experienced lender…My brokers wouldn’t even email me a deal like this…Sorry but I have to be honest…I think you will be more successful selling this deal to a better funded investor…The days of no money down are over…I would require you to be putting a minimum of $40,000 + escrows and points (closer to $55,000 with legal costs) into this deal if I was to fund it…Not that I would because I dont do rehabs…Best of luck sincerely…I hope you get it done…Try craigs list and rei club meetings
Thanks for your input. :deal