i have a family member who is willing to lend me a 100,000 at 10% for up to 6 months. what would be the best way to use this meony? i hear that buying houses for cash you can get deals at 70% ltv but i find that hard to believe. Should i just look for forclosures and short sales on the mls and start making offers? if im using his money is he the buyer or am i. who gets the mortgage and the deed? also i would like to find more people who are willing to lend money to me for my real estate deals, what would be a good way to start looking and how should i approach them to make them feel secure about the deal?
Yes, if you can offer all cash on a deal and close quick, chances are you can get an offer accepted easier and for less.
With a private lender they are taking place of a bank so the deed would be in you or your company’s name and the lien or note would be held by the person supplying the money. A title company can usually take care of all the paperwork involved for your state.