I am having a very difficult time finding a Hard Money Lender for North Dakota. Several companies are telling me that I am not asking for enough money to make it worth their time. Others have said the distance is to great from their home base. This is my third rehab and it is the first time that I have needed hard money. We have 4 properties already and we are stuck right now. Property values are not what they are in other parts of the country but there is money to be made. It still takes money to make money whether it’s mine or someone elses. There are two deals that have been presented to me this week that I will have to pass on. Each deal has the potential to make $30,000 to $50,000, which is equal to or greater than the average annual salary of jobs in the area. I have placed adds in two newspapers in the state with two calls. They wanted to invest and be partners for long term apartment buildings, which is my goal for future projects.
Advice will be greatly appreciated. I am starting to run out of time. Our credit scores were about 650 six months ago but I am sure it’s gone down slightly.
Thanks I am looking forward to hearing some comments!
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NDI