Had a lender tell me...

[Lori Williams]

Called A lender today on a property that's been difficult to get rehab financing for, basically because I'm halfway through with the rehab and just need a little more to finish it.

This particular lender had a $200,000 minimum loan, which this is not a $200,000 property. And he said to me, " You need a private lender in your town."

I agreed with him and told him that private lenders in my town have proven a little difficult to find.

And then he said, "Oh, just do a Google search and you'll get a whole list of them!"

I did not laugh until I hung up. But it wasn't really funny that the guy who would theoretically be handling my loan knows this little about how's stuff works when it comes to financing investment properties. Or that a private lender is not the same as a basically hard money lending company, which is what his company is.

Of course I did not Google. Mainly because private lenders don't actually put their name on the Internet and advertise.

Back to the phones...

[Eric Goldman]

For this type of financing I find the local Real estate meetings beyond helpful. I understand the situation with the half way done rehab and running out of funds. 0% card is an ok idea if its a flip, but if you are holding it and refinancing it could hurt on the back end.