I have been having hard time finding a private/hard money lender for Multifamily dwelling in Dallas Texas. Does anyone have a reference in this area?
The 4-plex dewlling cuurently COMPS for:
Low: $130,000
Mid: $144,000
High: $150,000
Contracted for $65,000
Earnest Deposit: $3,000
Repairs needed: $8,000
Property Manager already in place with crew
Escrow date: 5/15/09
Rents:
Unit-A $600 (Have tenant on waiting list)
Unit-B $600 (Have tenant on waiting list)
Unit-C $450
Unit-D $450
6 Months term or shorter, re-sell buyer in place or refinance to cash flow.
The numbers on the deal look great. Around 50% LTV and it cashflows. Ideal private investors know a bit about real estate and are comfortable with investments backed by real estate. But trust is the most important. Invite everyone you know for an opportunity to make great returns on their money backed by real estate. Ask them if they know anyone. You have to get the face to face meeting. They will ask questions, don’t answer them and ask for the face to face meeting where you present your program, the deal, past deals, etc. Remember, you are not asking them for money, you are inviting them to an opportunity to make a great return on their money. Your local REI clubs are good sources, anyone with money, investing experience or real estate knowledge. Try your chamber of commerce and networking events.