Need Help Finding Private Money or Hard Money

[Andrew Christen]

Hello everyone,

I am just getting started with real estate investing and have got one property under my belt here in Chicago. Everything went pretty well and I am ready for another one. I don't think I post the loan scenario because that would be soliciting, but I need some help finding a Private Lender or Hard Money lender. I have a couple exit strategies in place, taking on some equity partners on, in exchange for using their credit to do a cash out refinancere. Im trying to get the property quickly and rehab it. I got a little money to put towards any fees and earnest money, but I can't put down 5% or 10% some of the lenders have been asking for. I got a lot of equity in the property 48% ARV Equity equals 70000. Any suggestions would be much appreciated.

[Dion DePaoli]

Andrew,

You are not soliciting if you post loan terms. A lender solicits a borrower shops which includes compares. When a lender "holds themselves out to the public" to find a borrower make a loan, that is soliciting, not vice versa.

A little of your post is confusing. Why doesn't the lender you did the first deal with do the second deal with you? (they are your obvious resource)

Can you clean up some of the other deal parameters for us so we are all on the same page?

Purchase Price = "X"
Repair Cost Estimate = "X"
After Repair Value = "X"
Capital you have to put in (all inclusive) = "X"

I think you mean that in order to payoff the lender who helps you purchase the property, you have some folks who will refinance the property with you? Once you are the owner of the property, especially with significant equity, it is easier to qualify for a loan. That being said you may not get to cash out.

What is your end all strategy on the property, are you planning on keeping it with a renter or selling it?

I will keep an eye out for your update.