I need a HML to work with me on this 1...

Financing, Hard Money Lenders, Private Money
1

I’ve been looking at multi-family units since I’ve gotten interseted in RE investing. There’s 1 guy here in New Orleans, that’s selling (4) plexes at 155k each, I’ve talked to him in person, walked with him and looked at the outside of them (tomorrow we’re going inside of them). I asked him would he accept 149K, he said that he’ll do owner finance at 6.5%, but needs 5k down and I’ll get 2k back at closing.

So far, these are the only hurdles that’s holding me back from completing my 1st deal, I think ::slight_smile:

Now my qusetion is, will hard money lenders loan me the money I need for closing, inspections, etc.?

Thanx a bunch…

2

If I understand the deal correctly you only need 5k to close the deal and the owner will owner finance the rest. The owner will keep the title in his name. If this is the case most HML would not loan you the 5k for 2 reasons. The first is they will not be able to collateralize the 5K or if they can they will be in a junior position. I think your best bet is to find somebody with the 5K and make them a partner with you.