Posted by michael schindler on July 22, 2004 at 23:07:53:
It would help to post where the property is so people can contact you if they can help you. Also, 1/2 of something is a lot better than all of nothing. Look for a partner and get it off the market before someone comes along and takes it from you.
No money No credit Great opportunity - Posted by Greg Schultz
Posted by Greg Schultz on July 22, 2004 at 20:34:01:
Hello all
I have located a 58 acre parcel of land that is suitable for annexing into the city limits. Thereby thripling its value.
I want to put it under contract or option and apply for annexation and if I get it just resell it for my profit.
How do I find funding to do this with out giving up half of the profit. I will gladly pay a hard money lender 20% for the use of their money. But how do I find one willing to do this type of deal?
Thx
Greg S
Re: No money No credit Great opportunity - Posted by dave
Posted by dave on July 24, 2004 at 17:48:12:
offer the seller the same deal you’re offering a potential hard money lender.
tell him you’ll pay all necessary legal fees and will split the profits 80-20 with him
Re: No money No credit Great opportunity - Posted by Kristine-CA
Posted by Kristine-CA on July 23, 2004 at 19:05:15:
Why would you have to pay a hard money lender at all? Contracts and options don’t typically require that much money. If you get an option or a contract that requires earnest money, how much consideration do you need?
Also, I’m don’t know what kind of hml would lend on an option or contract. They are typically equity lenders and need the property as collateral. Sounds like you need an investment partner or a personal loan. That being said, the only way I know to find investors is to ask everyone you know. It’s hard in the beginning because you have no track record. And, in my opinion, if you are strictly the working partner and not putting any of your own money into the deal, that reduces the pool of interested partners. Not to mention that money partners in the ventures I’ve been exposed to usually get the same share or more than working partners.
So, is the property for sale? And will they take an option? And how much of a consideration do they need. Happy negotiating, Kristine