Financing and Credit

http://www.inman.com/news/2011/12/28/fha-will-keep-funding-flips?utm_sou...

Also if from CALIF, you may want to read replies at bottom for additional funding info

Hi, I am a total newbie. All I have done is watch The Edge 2011.
Their are a few things I picked up but need to understand better.
First - If I have a good deal on a house and approach a private lender. Lets say I need $50 000 and I show him its a good deal. He gives me the money and i buy the house. Now lets say i want to buy, fix and hold.
Who owns the property? Me or him? If I own it and he just lends me the money how and when do I pay him back?

If someone can give me a few examples with numbers that will be great as I work better with practical cases.

Thanks

Hello DG readers,

I am interested in purchasing a single family home and tearing it down to build a 4plex on the lot. In the area that the house is in it, it is pretty much the last home on the block, as everyone else over the last 5 years has been tearing the houses down and building 4plexs.

The home is in terrible shape and is 700 sq ft, built in 1920, but it is on a lot that is 7300sq ft. The property directly next door has built a nice 4plex, and I have considering trying to contact the owner to get his blue prints, as the lot is the same size.

I may have posted this information in another area. I don't remember but wanted to present it again to make sure all had it.

I recently ran into trouble finding a no-seasoned refinance bank. A couple of things happened:
1) I had no time
2) There just seemed to be too many banks to call.

What I did was hired my sister-in-law. I pay her $0.50 per bank she calls. I also pay her $10.00 for every good lead that fits my requirements and if I close I will pay her $500 for the bank that is able to close with us.

This way I pay little upfront and more IF something closes.

Lenders and partners generally need a Financial Statement when working to raise equity or financing/loans. The financial statement consists of two primary sections: 1) the Net Worth, and 2) the Cash Flow/Income. Often the Net Worth is more important for private/hard money lenders but for banks/institutions both sections are important.

I know the 100% financing on REOs are possible.

Not easy but possible...

My question is would it be possible to get 100% financing through a house on HudHouses.com?

Or is that out of the question?

I appreciate any and all feedback.

Tom

It seems there are a lot of people phishing in the classified sections here while supposedly offering no collateral, no credit check loans. I wonder if many are just trying to get user's private information, including banking information, and this site's administrators don't do anything to curtail these activities. If any of the lenders are legitimate, it would be hard to tell which they are, because they are so many of the possible scammers.

Please let me know what you think.

Has anyone gotten any financing from any of the lender listed in the classified services area? More specifically has anyone heard of Financier Roger Nelsen

Match mark set in the fall, yet few are able to take advantage to refinance.

Read the whole story here:

http://www.msnbc.msn.com/id/38770102/ns/business-real_estate/

As a commentary, in this environment, this is not good news as it means the "smart money" thinks the economy is going backwards.

I think this is a Financing and credit topic, but it could I guess also fall under property rehab:fixer-upper and construction talk...hopefully I picked the right forum to post this thread. Either way here is what I wanted to discuss:

First off I am just starting to read up on hard money loans so that I can once I have the money from wholesaling to cover loan fees and interest rates for worst case six months I am going to either solo attempt a rehab fix/flip or find a partner to go in with me for my first few attempts to split costs and profits.

This is some stuff I've gathered already and any experienced investors that have worked with hard money loans and rehabbers please bestow upon me with your wisdom ^_^.

I read if you don't have cash, hard money is the way to go.