OfflineI have a few properties I am looking at, where I could use a partner with good credit that can be my end buyer, and make the difference between my contract price, and the end buyer price. I have two now that that would come out to about $15,000 after fees and closing. Then I can lease the properties back from you and handle all the payments, rents, etc. I would even be willing to split profits for the first year, til I can get the property in my own name. The two I have right now would be based on an end buyer price of $55,000 which would carry a monthly payment of about $313 including taxes and insurance. If interested please let me know.
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private money loans for holding properties as well. I like the flip idea, but these properties in particular I was interested in holding. It will work for a short sale though since there is a 30 day hold before you can flip.
In Colorado you can flip as long as the lender and the buyer have been disclosed to. Lender must know how much profit you are making and buyer must know what you purchased the property for. Use of transactional funds is ok for double close. This is true for up 14 days after closing, after that no disclosure is required. Of course you need longer term funding if you don't do the double close.
Also, beware of people who bought (spent their money) to work with Gurus(purchase their program) that have there on money lending programs. They will waste your time and charge you more than a true HMLif and that is a big if you can get a loan for real.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
yeah I was reading some posts on a few other networking sites and they were saying that now some places are mandating 30 day holds for shortsales. I never have dealt with a short sale personally.