OfflineExcuse me if this is posted somewhere else in here but I am falling sleep and I need to get to the bottom of this quickly so I can chase some REO's. Up to today I had believed that you couldn't negotiate with banks on any contract that used the word "assign" or related to it. My coach told me today that I could purchase REO's through hard money lenders and then quickly wholesale the property. In other words , I would be purchasing the property myself and not assigning it to an investor. Is anyone here doing this and why the hell didn't I get the memo earlier? lol jk .. If this is all true, where can I find one in PA? Thanks and goodnight!
__________________
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
Anyone uses these ? Any info would be appreciated.
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
I spent all day trying to get to the bottom of this but it looks like this is not possible. Only lenders I found in PA, are conventional lenders or ones that lend on LTV terms not ARV. It looks like I have to start looking for other ways like a land trustee or whatever else is out there.
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
Hi Martin. Did you try Craigslist? We posted several ads with this type of wording: "Real Estate Investors looking for private money lenders. BIG return on your money." I thought it sounded corny when we posted it, but we have actually gotten a lot of leads with this. Searching the web for HMLs did not work out very well for us, as they were pretty much all corporate lenders, who wanted to lend up to 65% PURCHASE PRICE. For us, that was WORTHLESS, since we don't have the other 35% sitting around!! We don't even have 1% sitting around!!
Hopefully this will help you. We have not used any HML yet, as we are still in search of our first deal, but we have been very busy putting in offers and building up our buyers list and finding HMLs. We want to be ready to go when that first offer gets accepted!!
Good luck to you!