This is a shot in the dark, but ya never know until you ask, right?
How do I find an honest HML or Private Investor in Georgia that can not only provide me with funds, but also a bit of guidance and advice along the way? I am a newbie, and this will be my first deal. I’ve read the books, taken courses etc…
I have a credit score of 620 and $5,000 of my own money to contribute.
I’m currently working with a Realtor and a couple of Bird Dogs, and a couple of properties have already fallen through my hands due to lack of funds and me being afraid to move forward. My ideal project would have an ARV of $130,000, need about $15,000 in repairs, and be purchased for $75,000.
I realize that with a HML, I’m looking at higher interest rates, points, draw fees and a few other obstacles that don’t go along with traditional lenders.
Thanks in advance.
With your credit score you should be able to get 100% financing on the property through a broker or “B” paper lender. You would get much better rates abd terms going this route.
You just need to do some creative work with the seller.
i am bidding on uninsured HUD homes. these homes are given away pretty cheap and when you factor the repairs in, i still have an equity line of 35% (maybe more).
No banks will mortgage uninsured homes. I need to work with HML until the unit is repaired and i can refinance.