Private Moneylender Needed

Erathel. I know this is not what you want to hear but it is the real deal. The private money you are looking for comes from your family or friends people that know you. I do not want to discourage you. You need that drive to make it in REI.

You do need to get your ducks in a row. If you are going to do a no money deal you need to look at options and wholesale deals. If you want a REO no money deal you will need to talk to the bank before the home is listed with an agent.

Erathel I make good money and have good credit and I have not been able to get 100% private money loan from a lender. The best I can get is 70%.

Stay motivated but don't get a head of yourself on deals.

God Bless You and your REI.

Steve

Having no success getting to classroom recordings. Anyone have some instructions.
Thanks,
AWfox

You can take the numbers and profit potential of the deal to doctors and partner with them,they will cover the repair costs and upfront costs,Use their credit and cashflow to get a hard money loan,tell them you'll put them on title to the property as co owner and that you will split the profits 50/50.Make sure you find a hard money lender and the deal before you start looking for money and credit partners because no one will lend you money or want to partner with you based on air.If the hard money lender wont roll the renovation costs into the loan and you have to use your partners money for repairs make sure you get the property at a steep discount so the money your partner puts up for repairs including the loan for purchase does not exceed 65% of the after repaired FMV.I would suggest you get a loan package together to present to doctors or any one you know who has good credit and cash for repairs.Then you do the deal and flip the house.Best of luck!!

Sounds like you've done this. So how do you figure out the FMV after repairs? And how do you find a hard money lender that will work w/ you before you have a $/credit partner?

Thanks for the info.
-Allison