All Forum Posts by: Alex Rollins

Quote from @Kevin Sobilo:

@Alex Rollins, if you had a written contract with the seller has the seller offered you money to terminate the contract? If not I would suggest they make an offer so they can get out of the contract.

The seller can sell you the property, so you can always try to sue for specific performance to sell the property whether they want to or not if you have a good written contract. 

Thank you for your insight. I will use this as leverage to negotiate. However I am ultimately looking for a win/ win/ win for all parties. Seller gets some money in her pocket, FHA gets some money so they can partial release on lot and I get to build. 
 

I recently had a infill lot under contract to purchase so I can build a 2 family house. After months of seller trying to get a clear title, seller was not able to get the partial release from HUD unless all the proceeds went to the mortgage balance. Because of this seller decided to back out. Is there still a way to make this deal work?

One possible idea I had was working a new deal with seller for 50% less than the original deal on the recorded paper and separately give seller cash once I build and sell new home. 

I welcome all ideas and feedback. Thanks. 

I live in Providence and would be interested as well

@Joe Duhamel that's a great suggestion. I think I need to make friends with new realtors who are investor friendly.

@Elizabeth Newcombe thanks for walking me through your process. As a newbie to hard money, when you submit your deal to lenders, do you present anything supporting your numbers? (Contractors estimate? Appraisal? Any official documents from Realtor supporting the ARV?)

@Brandon Ingegneri thanks for your response. I will message you

@Anthony Thompson Thanks for your prompt response! I was going at this all wrong. I thought i was going to be able to shop around for a hard money lender like i do with conventional financing. Everything you mentioned makes a lot of sense. I can see the logic if i was a hard money lender. I think my next step is to attend networking events and start building relationships. Thanks for your insight

Hello BP,

I'm a long time user but first time posting. I'm looking for referrals for hard money lenders in RI. This is my first time in working with hard money since i usually finance using conventional loans. Lately i been losing deals because i didn't the speed of closing quickly. from what i understand that the advantage of using hard money.

I did reach out to one hard money lender but he wouldn't talk terms until i had a deal. Problem is i can't get the deal until i have a proof of funds letter. So it's a case of the chicken or the egg. Any help in shining a light on this process would be greatly appreciated,  any other advice would also be welcomed.

Cheers,

Alex