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Updated over 10 years ago,

User Stats

13
Posts
2
Votes
Jerome Harrison
  • Flipper/Rehabber
  • Odessa, TX
2
Votes |
13
Posts

Questionable hard money lender advise

Jerome Harrison
  • Flipper/Rehabber
  • Odessa, TX
Posted

I was referred to a hard money lender by a real estate agent. He claims to have done over 600 deals. I've done some research and all I could find is that, he does have a website (with the name of the company on one page, that's it !!), and he is in good standing with the SOS. I may be wrong to assume, but with over 600 deals I would think I could find more info. He is asking 20% down on a 25k loan, and he wants me to have the title confirmed before he funds the deal.  The property was purchased through a tax sale by an investment company and I have it under a rent to own contract for 14.5k. The Arv is 75k and I really need to get this property on the market. I don't want the holding cost to eat up my profits. I'm already partnered on another deal and I'd like this one to be my 1st solo rehab. Any suggestions?

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