All Forum Posts by: Jarrod Rayner

I think he's just trying ti throw a number out there. The question remains. Is hard-money a viable option to stop a pre-foreclosure. I'll give you an example of a deal I screwed up and didn't complete from an landlord who's renter stopped paying, she lost the house.

I felt horrible because I couldn't come up with the $8K she needed to get the bank off her back. Here'e the deal

$8K in back payments

$92k loan balance. I forget the original loan price. Agreed to Sub2.

$145K ARV

$3-10K in repairs. I couldn't get in there to inspect so I'm guessing a bit.

If I had called on a HML.....? I don't know, I wish I would have tried.

I still find these almost everyday. I'm literally waiting for tax season to fund one.

... I know hard money will lend I'm more worried the conventional guys. 

I don't think that they won't, I just want be sure that they will. Like I said, I'm learning.

Yep, I got a tenant in there. No I'm Looking for a primary here in beaufort, SC and trying to put together a portfolio. I'm nervous about a refinance and not meeting the terms and being stuck with the hard money loan. I know they won't loan to me anyway if that was the case, the hard money that is. I'm still not sure of all the criteria that the bank would need to refinance  plus I really would like to get to know how financing works in the mortgage industry in general, at least a lot better than I do now.

Hi BP, 

I'm in the learning stage and am getting close to making a move. I've talked to conventional mortgage brokers and the hard money guys. They only have do much time and I ask as many questions as a 4 year old. I get the prosess of hard money but I need some details. I'm not 100%  sure how to refi out of hard money and the quals I need to do it. Where do I look?

How did you find this kind of deal?

Have you looked at the high desert? There's 29 palms, NAS China Lake and Edwards AFB. I've seen some good deals when I was there and you can rent to Military, it's also relatively close to you. Maybe a couple of manufactured homes could work out.

Couldn't you just make multiple entities to get around all this?

Is a HML really the best choice? Couldn't he get a convention business loan? How did you find a property like this that will cost you "Next to nothing?
Thanks
-Newbie

Here are the VA/FHA Loan limits by county for any BP member who would be interested.

http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp