Posted by SCook85 on December 06, 1998 at 18:27:54:
I frequently scan classified ads in papers throughout the country. The Chicago papers almost always have an individual in them that advertises hard money loans. I called the ad many months back and it was an individual. You may want to check the classifieds for his number. If he passes on the deal it may not be as good as you think. When I really come across a good deal the money is no problem. I like you have no money or no credit but have acquired 3 homes in the last 5 monhs and flipped 12 others.
Check your classifieds, and good luck.
Alright, here it is…got a townhome ready for the taking at $43k, and it is worth $65k. The sellr wants me to put up $1k for earnest money…no problem.
The seller also wants PROOF of funds available to close, at acceptance of offer (Monday, and it is now Friday night…just got the offer back).
My problem…2 yr old BK, self employed, no money to put down (hardly any, anyway), and this is a sure positive cash flow, PLUS the $20k instant equity.
I have called, e-mailed, and phoned EVERY lender in the area, and out of area. Also went to “mortgage brokers” and cannot find a one to Help. Is this a good deal? I think it is, and I just need the funds FAST to close it.
Please send advice FAST.
I have had GREAT luck so far with these wise REI’s here, so PLEASE keep it up, and help me.
thanks in advance,
Jim
One last thing…I also looked for “private lenders” and cannot find any in my area. I have also called all the “clubs” in the area, and got no where. they all have credit, and don;t use or know about “Hard money lenders”.