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Updated about 8 years ago on . Most recent reply

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85
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4
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Martha Blumel
  • West Palm Beach, FL
4
Votes |
85
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Who do you use for private or hard money in South Florida?

Martha Blumel
  • West Palm Beach, FL
Posted

I have been comparing the vast amount of hard money and crowd funding providers for a townhouse that I am interested in purchasing using the BRRR method. I am not totally comfortable just picking one out of thin air, so I would love your feedback on who you use or if you are a lender what your terms are.

I have seen and reached out to a couple private lenders mentioned on the boards already.

The property I am looking at is in my own neighborhood, so I am very familiar with them. They are currently selling for $145k +. The average sales over the last 3 months is $135k.  I am looking to purchase between $75-$95 (starting low with negotiating room). I haven't seen the inside of the unit since he still has tenants, but estimate the repairs from $15k-$25k at most.

It's been over 10 years since I last invested using hard money, so I suppose I would be considered a newbie! ;) The funds I have available are in a SDIRA.

All suggestions to help make this happen are welcomed! Thanks!

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