Posted by Paul_MA on July 16, 2001 at 17:00:59:
…some banks won’t lend on fix up property. Perhaps call many mortgage brokers and get a referral if they will not lend.
There are many real estate and mortgage sites where you can advertise for the money.
Need some info on how to structure this sale! - Posted by James_Ga
Posted by James_Ga on July 16, 2001 at 11:30:31:
I found a buyer for my wholesale flips.
Property 1
9200 purchase price
21500 ARV
1500 repairs
Property 2
4800 purchase price
21500 ARV
5500 repairs
Property 3
24,700 purchase price
41,000 ARV
1500 repairs
I am just going to assign these for 2k. But the buyer wants to be sure he can get financing before he pays for the assignment. What is the best way for me to go about getting all this set up for him? I definately do not want to wait on him. Is it possible for me to get him pre-qualified? Also can he obtain one loan for all 3 properties? Would it be easier to change the sales price and rebate money for repairs rather than have the bank loan above the purchase price? Or does it really make a difference? Any and all help appreciated.
Thanks
James
Re: Need some info on how to structure this sale! - Posted by SandyFL
Posted by SandyFL on July 17, 2001 at 21:31:03:
Have you checked the GA REI Club? There should be tons of hard money lenders in their ranks.