Individuals with cash??

Financing, Hard Money Lenders, Private Money
1

Sorry if this is in the wrong section but it has to do with financing and marketing so I was not sure…

I need some advise regarding the best ways to find or market towards individuals with cash to finance the deals I find.

I would like to find someone that is willing to completely fund the deals. I will do all the work.
They finance everything including closing costs, fix up, holding costs etc. and when I sell the property, they get back their expenses and we split the remaining profit 50/50.

I know people may be reluctant to do this with a newbie but I have come across some really good deals and was not able to do anything because of my lack of resources. I don’t want that to happen anymore!!!

Is this a realistic/possible situation?

What kind of paperwork would be needed for this type situation?

Obviously I am a newbie so your patience is appreciated.

Thanks in advance for any advice!

2

If you’re picking these properties up for under 70% then you should use a Hard Money Lender. You’ll pay some points, but any profit you make would be all yours.

3

I was told to use a hard money lender as well but I need someone to take care of the holding cost until I sell. I’m looking for someone that will pay the mortgage payment at 10% until the house sells or up to 9 months. They will have 1st spot on the mortgage. I will use my good credit to get the money for the house and rehabb.
Do you think I can do the same with a HML?

Thanks
auggflo

4

they can roll in the first 2-4, roll in the fees and cash you out. You can then use the cash to pay the mortgage payments until the property sells.