All Forum Posts by: Hugh Jameson

i am looking to purchase property at auction in central florida. i am looking to learn as much as possible about financing in this area. 

1. is hard money the only option?

2. does traditional financing work if all pre-arranged in advance of the auction date? especially if the balance is owed noon the day after the auction

3. can a hard money purchased loan property be re-financed to traditional lending once purchased?

4. with a hard money loan are the terms variable as in 6/12/24 months etc..

5. with a hard money loan - say on 100k loan ... how do points work? 

any other advice you have? much appreciated 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $86,000
Cash invested: $25,000

2/2 condo both master suites. hard wood flooring throughout the living and dining room.

What made you interested in investing in this type of deal?

good deal. long term income producing property

How did you find this deal and how did you negotiate it?

through traditional real estate broker

How did you finance this deal?

traditional financing

How did you add value to the deal?

based on comps and likely roi once the deal completed

What was the outcome?

great success so far

Lessons learned? Challenges?

reno rookies, so lots of lessons learnt, but asides from that no massive challenges

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

not currently