Posted by AC on July 12, 2002 at 08:56:13:
Nate,
Thanks very much for looking for me. I contacted the company on the website and spoke to a rep. They are in the greater Pittsburgh area. They are not interested in the Sharon PA market at this time. Boy, it seems as though someone, some company could fill the the void here. I’ll keep looking. Thanks for your help.
AC
Hard Money for Houses Under $20K - Posted by AC
Posted by AC on June 08, 2002 at 07:52:51:
A lot of the homes in my area are under $20k including fixup.
I have not been able to find any hard money lenders for these types of homes. All are wanted to deal in homes with fixup above $30k. Are there any lenders here? Ton of opportunity.
Please advise.
AC
Re: Hard Money for Houses Under $20K - Posted by Nate(DC)
Posted by Nate(DC) on June 10, 2002 at 18:18:47:
If you spend under $20K to purchase and rehab, what will the houses retail for?
NT
Re: Hard Money for Houses Under $20K - Posted by CLAIR_MO
Posted by CLAIR_MO on June 09, 2002 at 10:44:56:
AC, Check out www.creeweb.com/hardmoney.htm for a listing.
Re: Hard Money for Houses Under $20K - Posted by AC
Posted by AC on June 11, 2002 at 12:35:40:
House will retail between $30-35
Retail $30k
x.7 $21k
Fixup 5k
Profit $8k
Buy $8k
No one is really in this market because everyone wants big chunks of cash instead of more smaller chunks.
AC
Link works (nt) - Posted by Liz in Lincoln
Posted by Liz in Lincoln on June 12, 2002 at 13:08:07:
works fine
Re: Hard Money for Houses Under $20K - Posted by Nate(DC)
Posted by Nate(DC) on June 11, 2002 at 15:55:05:
You said:
No one is really in this market because everyone wants big chunks of cash instead of more smaller chunks.
Why not try to do two or three at once? That would get you up to the minimum loan amount, and it would seem to me that a property worth $30K with a $13K loan (43% LTV) would be safe enough for someone to want to get involved with. Heck, if I were liquid right now, I’d probably do that loan.
NT
Re: Hard Money for Houses Under $20K - Posted by AC
Posted by AC on June 12, 2002 at 06:49:58:
Nate thanks. Tried that but lenders say they want individual loans for individual properties. Their costs basically are still the same for each property, appraisals etc. They really haven’t been too helpful.
AC
Re: Hard Money for Houses Under $20K - Posted by Nate(DC)
Posted by Nate(DC) on June 12, 2002 at 12:47:06:
Well, I’d have to say they have a valid point. After all, if you make a $13K loan and have to foreclose, it can cost you $5-$10K to do so…big problem.
Still, I don’t see why they couldn’t write a blanket loan for several properties and a larger loan amount. Sounds like they’re inflexible and/or unsophisticated. Unfortunately that’s generally the kind of thing one would hope to AVOID from a private lender…
Wish I had more concrete advice, but I don’t. Where are you located?
NT
Re: Hard Money for Houses Under $20K - Posted by AC
Posted by AC on June 12, 2002 at 14:04:08:
I’m in Western PA hour north of Pittsburgh
Re: Hard Money for Houses Under $20K - Posted by Nate(DC)
Posted by Nate(DC) on July 11, 2002 at 14:23:15:
AC,
Just saw this posted above. DOn’t know if you will be able to use them or not, but they are in your neck of the woods, might be worth at least giving them a call.
http://www.eqtinvest.com/about_us.html
NT
Re: Hard Money for Houses Under $20K - Posted by Kent C
Posted by Kent C on June 17, 2002 at 05:09:47:
Odd, I think of PA as east coast thus expensive. But I have gleaned info from many posts here that indicate your house pricing is EXACTLY like here in Oklahoma. From purchase, to rehab costs to appraisal value, to profit. I’ll bet you have a lot of mobile homes in the country too (we do).
Kent C
Re: Hard Money for Houses Under $20K - Posted by Nate(DC)
Posted by Nate(DC) on June 13, 2002 at 19:48:56:
Man, that is kind of wasteland out there.
I wonder if a local bank would do the loan?
NT