All Forum Posts by: Chris Purvis

Thanks @Ned Carey Since hard money loans are recorded as a mortgage, does that mean I will have to have a property under contract to purchase (basically the same closing process as with a conventional)?  

@Brie Schmidt Thanks. Do any of your buyers come to the table with funding from hard money lenders, private lenders, crowdfunding loans or anything like those?  If I were pre-approved by a hard money lender (for example) and they say they can close my loan in 7 days, does that mean I can go to close on a property in 7 days? Also at the closing on a property would I be closing as a cash buyer or will the hard money loan be recorded as my mortgage?

Hello, I'm working towards purchasing my 1st investment property, but I don't want to use any of my own money. (which is not much) I've seen the different types of funding out there and was wondering if anyone with experience using any type of funding could answer questions for me? 

There's a HUD home in my little ole city of rocky mount nc for sale for $36,500 in a B neighborhood not too far from a nice country club and golf course. Tax office accesses it at around $112,400. Would I have to have a contract, or however that works with hud, on the house in order to apply for any funding to purchase? Can anyone tell me how that process would work for funding not just with a hud home but with any home that the numbers show that it would be a good deal? Thanks in advance

Welcome to the site Joshua. I'm new as well and have found that this site offers lots of good information. Lots of newbie questions that I have had were answered here either through reading the different threads already here or just starting a new thread and asking my question. I hope you find it very beneficial.

@Corey Edmonds welcome to the site

hey @Andrew S.  The wholesalers in your area are fortunate to have you as a buyer to even call them and/or go to their website. Looks like they are dropping the ball. I agree with @Luis Lopez  they may be just building a buyers list. When I started studying wholesaling in august, that's the 1st thing that the "information seller" said to do.  As a newbie your and other comments here have taught me that follow up is vitally important.

found it. trustee sale=auction at courthouse to highest bidder

@Chris Martin If I understand you correctly, as long is I can close on a property going into foreclosure, I should be fine? 

Without having equity it doesn't look like something I should take a risk on.

Also, what is a trustee sale?

@Chris Martin Thanks for the info. This is why I put North Caroline in my title in hopes to trigger keyword alerts for someone in NC since state laws are different from state to state.

Thanks for that. A few questions.

Who do you target in your direct mail? I know what the gurus say but I don't know if they still actively invest in real estate or make their money off newbies like me. I want to hear it from an investor who is actually doing it.

Do you ever us any private hard money lending? or Do you have real cash buyers for wholesale deals?