Posted by Nick on July 24, 2001 at 12:55:25:
Using hard money lenders you will make more than this deal. Why would you give someone 50% of your profit for doing nothing. These guys are not offering you a deal for your benifit it is for their’s.
Consider this you buy a 100K house for 60K using their money you resell for 95K. Profit is 35K. You only get 17.5K for doing all the work. If you financed 60K @ 15% with hard money you would only pay 9K in interest if it took you 1 whole year to sell. Why give away 17.5 when you only have to give up 9.
Learn to manage your risk. Don’t be afraid to succeed.
Good Luck and Use your head.