Posted by Alex on August 13, 1999 at 17:43:31:
David
Yes I’m buy a note and the property needs work. Also it has 6 months redemption period left. But I was look to flip it. If I could take possession of the property, there are other option to make this even sweeter deal.
Finding Hard money lenders - Posted by Alex
Posted by Alex on August 11, 1999 at 18:35:45:
Hi
I was looking to flip a property that I made an offer on. I need to get in contact with some lender that can lend money for a short period of time. I anyone has that kind of information, I would like to hear from them. You can contact me at amisico@freeway.net
Thank you
Alex
Re: Finding Hard money lenders - Posted by David Alexander
Posted by David Alexander on August 11, 1999 at 19:33:26:
Where are you and the property? What are the numbers?
And if your planning on flipping, why not flip the contract or do a double close?
David Alexander
Re: Finding Hard money lenders - Posted by Alex
Posted by Alex on August 12, 1999 at 20:52:09:
David Alexander
Thank for the response. The answer to your questions (1) I’m in Traverse City Michigan and the property is 18 miles in a little town called Summit City Mi. (2) The numbers are, Fair Market Value- 72k and Remaining 68k is owed in a note. I offered 47k and it was expected. (3) I would flip contract or do double close, but my time is limited. I don’t think I can find a buyer fast enough. This property has a six month redemption period left. It is a foreclosure. I was thinking of waiting out the redemption period and taking possession. Then splitting the property and selling off the lots seprate from house and garage.
Well anyway it seem to be a good deal that can give a big return.
Look forward to hearing from you with any idea’s
Alex
Re: Finding Hard money lenders - Posted by David Alexander
Posted by David Alexander on August 13, 1999 at 24:28:32:
So your buying a discounted note? You have it under contract, optioned? does the house need work?
David Alexander