I am bidding on a HUD foreclosure that I intend to rehab and flip. I am offering $22,100, and the ARV will be approx $47,000 (on the low end). I am having a hard time locating a Hard Money Lender that will lend for a property with this low of a ARV. Can anyone offer any suggestions?
MY PARTNER AND I JUST DID THIS SAME THING WITH A HUD FORECLOSURE. THE PURCHASE PRICE WAS $22,500…THE FIX UPS WERE ABOUT $17,000…THE AVR IS AROUND $70,000.
WE HAD NO PROBLEM GETTING THE PURCHASE MONEY AND THE REPAIR MONEY.
THERE ARE SOURCES OUT THERE FOR YOUR INVESTMENTS.
FEEL FREE TO CONTACT ME.
Actually they don’t fall under the same laws as traditional loans, I have some contacts that will do loans like you have been speaking of…give me details…