Hi Jason,
I have good news for you. Met someone at our REI Club last night, told him about you and I believe this is the answer to your predicament. AND they have an office right here in NC. Acquisition and rehab costs, very creative.
I lost alot of deals because I did not know where and how to put the financing together, hence my full time interest in finding creative financing. I like the challenge I find here given the diverse market and individual investors.
We spoke earlier, feel free to call me or email me directly again.
Financing is certainly within reach, you just have to know where to reach out to and stand tall enough (in your belief of yourself) to reach high enough.
Zidzi
I am a recent college grad with years of construction background. I have good credit and father who is willing to help me get started by cosigning with me. The obstacle I face is that I have been self-employed for the last year and will most likely will need a cosigner. I would like to have a few lenders lined up for some of the deals I have been running into. Is there a way to finance acquisition & rehab costs that makes better business sense for a person with good credit then Hard Money? I have talked to some large banks and they don?t loan on distressed homes. My holding period would be 3-12 months. I would like to have access to at least $175,000. I am located in NC can anyone guide me in the right direction. Thanks for the help!!
Hard Money loans are expensive, but the other road for obtaining money, would be a partner with money and/or good credit. That partner is usually even more expensive than Hard Money, because it is customary for them to get ½ of the deal.
Now notice I said customary, not carved in stone, everything is negotiable. However after saying that, I must also say that, experienced investors with that kind of money usually have savvy, they don’t part with their money easily.
If you find a good hard money source, the good part about it, is that it’s money you can depend on. If you deal with private investors, they can be fickle from time to time.
Also I disagree with your statement about banks. Either you haven’t found the right bank, or the banks are not feeling comfortable with you. I think the answer is the banks are not feeling comfortable with you. The reason I say that, is banks are usually the easiest source for money, remember they do construction loans Jason, so why would they be afraid of a simple rehab. It’s true; banks aren’t so easy, if you don’t qualify.
But banks are the natural source for people with good credit who are buying and fixing up properties. My suggestion is for you to approach a small local community bank.