Need Private Money (anyone have any ideas)

Financing, Hard Money Lenders, Private Money
1

Hello fellow REIA Members,

Does anyone have any good ideas or leads to obtain Private Money for a venture. I am putting together a plan to buy 4 properties (between 20K and 32K each), complete some rehab, place tenants into the apartments/houses, and then resell them. The problem is that the prices for the houses are too low, and the Hard Money lenders that I have inquired don’t want to lend on houses that low.

Additionally, what should I offer in respect to terms; my initial thoughts on terms:

  1. 12% APR on total plus 2 points (flat)
  2. your money secured by your name being placed on the property.
  3. payable in 90 days

John M.

2

Have you looked at prosper.com. Not the easiest way to go with 4 houses, but may be a start.