2nd Place Mortgage Lenders

2nd Mortgages went away with the housing crash, so it will be hard to find a lender to take a 2nd note. I would look into anyone you know that may have money you could borrow, or do you have any low interest credit cards, or a 401K you could get a loan on? You can also look for another private investor to work with as well.

I kind of got that drift from what I was researching. I also did call the Coach line and got some great advise I'm loving the Success Academy - it is a GREAT resource to help us work thru all there is to learn.

Thanks for responding, and your suggestions!

MOVING FORWARD!

Good luck with finding hard money willing to take a second lien position. We have talked to a lot and no luck. An actual private investor would be your best bet. Maybe a partnership (equity position) or someone just looking to make a higher percentage off their $$. The bank we work with will also take collateral in lieu of down payment. It takes double the collateral though.

Thanks Sheila!! I do have a private lender who was willing to fund us on the deal.... but had a max price he would lend on the house, and of course the bank wanted more than that.
At this point we have just taken the approach that it doesn't fit our profile, and have moved onto the next deal
A better deal, that fits what we CAN do is bound to show up soon!

Where in the Midwest are you? We are in MN, and always looking to network with the DG Family!

Can you see if the bank can hold you liable personally, if your credit isn't an issue and get financed that way? Then have your private investor finance the down payment. Then you refinance as soon when rehab is done and its rented, or about 6 months seasoning.

We are doing a deal like this now with the bank. We are qualified in our name but will close in LLC's name.

We are in central IL. Send me PM if you want. We have a large buyers network looking to buy now if you are interested in wholesaling. We are personally looking for large multiunit buildings, owners willing to finance at least 30%. I can email you our buyers criteria if you send me your email address.

This is still a declining market...if they won't lower the price NOW they might next month...maybe just wait it out a few months.

Hi Why not try a assignment if all else fails at least its something and better than nothing, Jim

For the great suggestions! I did try to get the bank to come down in their price, and he did 3 times - but not to what I knew I could wholesale/assign it to someone else for with enough spread for everyone to make money in the deal.
I put the feelers out there to my buyers network, and none of my hits amounted to much.
This was a great house, that needed minimal repairs to be able to market/rent it out - so they instead decided to put some $$ into it and sell it retail.

Maybe next time.....!!

Renae

I have planned to move in Tennessee as my new project is starting over there. They are offering me a promotion but my biggest worry about the rented place; I heard that mortgage rates in Tennessee are very high. Can you guys help me to find a simple, clean, safe mortgage in Tennessee in not much expensive but I would prefer area near about park or lake. Thanks in advance.

http://mortgageamigo.com/