Property Manager · Evans, GA · Member since 2016 · 29 posts · 16 votes
Hi Everyone!
With good deals getting harder and harder to find (In my market at least) how are you guys getting them funded? Prices have skyrocketed so the 40-60% on the dollar deals have all but evaporated! Hard money lenders are requiring more "skin in the game" and charging 3-5 points at closing along with 8-15% APR! Also, the borrower must have at least 3-6 months worth of reserves!
Market has tightened up a good bit in our areas as well, economy is starting to get going, and that means people are looking on the brighter side of life.. that don’t mean you won’t get deals. Heck I have a handful of deals to callback just this week... I don’t care what it’s worth, I have a set price I’ll pay and that’s what I’ll pay, not a dime more.. I use commercial lending in the sub 5% range. You need to work on building a better network to get deals no matter market price, and you also need to build out your financing network as well. Good luck!