All Forum Posts by: Gary O.

It seems that the hard money lender needs to be a good judge of character as well as an expert in the value of property. In that regard I would assume (yes, that dangerous word), that the hard money lender also has his good name to protect and in that manner would rather that all things went as the agreement was made.

Though certainly not the most economical or ideal long term arrangement, if time is money and loans take time this could be the only fast enough money for some urgent deals. 

Frank is definitely right Anthony.

I got the top three personal favorites from a real estate agent whose name all the realtors in the particular real estate office that I happened to be in agreed was an investor. A small local agency that had no axes to grind.

Wish you well, Gary O

Thanks J J,

I am hoping that you are 100% right about that.

I know people get into trouble with this type of funding but I am pretty sure that this type of business person is not afraid to turn a bad deal away.

Thank You Robert,

I have only had one occasion when a mortgage broker was in the picture and that broker really went to work and completed a package for me that I am still in the middle of. 

It may be self destructive but in my gut I know that it is hard money I seek. I have talked to  a couple of that type of lenders but not done anything with them because my entire outlook then was to stay within my earning abilities. I know that those lenders don't just give you money at high rates.The lenders that I talked to years ago were very interested in helping people learn to see successful opportunities but that was then and this is now.

I am a good worker, that in it's self seems to set personal limits, I can't be all that amazing all on my own and I have never minded anyone checking my work.

Thanks again, Gary O

I know I need to use somebody else's money

I am a property owner with interests in several properties. Shouldn't be a problem but banks don't want a highly leveraged person like I am. Hard money, that's the answer right !

I have my mess under momentary control but really think I need to do some more quickly returning money deals to get space to breath. I think as I ask this question that a man in rhe same room as I am would love to make money on his money. What does that money man need to see and what should my approach to him be?

Owner has 3 lots. there is a rental that has a renter that wants to stay( maybe buy ), a lot with a house that needs some serious rehab, and a lot that has septic,water and had a manufactured home on it.

We opened our discussion at 160 K for all 3. There are clean-up costs of around 40 K that are included in the 160 but that the owner, even though he is willing to do owner finance would really like to recoup in cash. I have not done my due diligence work and am actually considering these questions as the beginning of that process.

With that in mind I need to get a general contractor with experience here to take an ( Oh My God ) look at the matter, because I am thinking of putting some earnest money on the matter. Those 3 lots could have four rentals for around 200 K at an average of $750 per.

I am not sure how much detail to leave here but there is income potential that this area has gotten used to being a free perk but not far away people are paying for the perks alone.

Viewing this a the last place I will lay my cards on the table. Meaning that this statement will be honest and from here I'll be more guarded.

My question is simple. I know better than to invent a me that is dressed up and I can't prove up on . That stated, I don't want to present something that has no body at all, so in that situation how do you get off the ground even in a small way if the dream is the only real thing you have to show. My assets and current standing don't even impress me.

All input will be appreciated

So in my area houses are selling well. Duplexes are comm0n but they are asking to much to fit the BP criteria of good investments. For some reason 4 plexes aren't around. 5 plexes are around but again the numbers don't spell newbie success team.

Is my job to negotiate for better pricing which the gap is large or continue on my way until I find that investor property that the seller knows that if the numbers don't work the deal doesn't work?