All Forum Posts by: Judy Rae

I bought in Palm Springs 2 years ago.  It rents by the week and I do very well.  Still good deals in the desert.  

If you have enough down payment using a Hard Money Lender is a great option.  Some programs these days have interest rates down in the 7.99% range.

FYI, I personally have vacation rentals in Fort Lauderdale and Palm Springs.  Nobody will bring you more inquiries than VRBO & Homeaway.  Airbnb holds on to the rental money until after the client arrives......just what you don't want.

Hi Ariel,

Lots of people on BP can help.  You should have no problem getting the assistance you need.  My area of expertise is California. Investment properties would be the only type I can help with.

Very sad how many lenders out there do the same "bait and switch" thing.  I get the calls every week when the buyers is about to lose their deposit and in need of being saved. Many I can save and some get to me when it is simply too late.

It's the kind of thing that simply does not need to happen. I would rather tell somebody I can't do their deal than waste their time and disappoint them later.

Buying a property in California and need Hard Money?

Need to Refi anywhere in the United States and need Hard Money?

It will be hard to beat my rates and nobody will give you better service.  Put me to the test anytime!  Run your scenario by me and I tell you right on the spot if it's something I can help you with.

There are programs offering up to 90% on flips.  On the other hand, for your non flips if you can commit to a 3 year hold you can get rates in the 7.99% range.  Lots of options these days!

The program I was referring to specifically above is a hybrid.  You have to have a FICO above 700 and be willing to stay in the loan for 3 years.  It is a 30 year fully amortized loan.  Can be used for lots of things except NO single family purchases.  It can be used for single family refinances if the borrower owns other properties.  My other programs are non FICO dependent and typically 1 - 3 years.

Hard Money does not get reported on your credit report.  It can be a very viable option depending on the rate.  I have done several deals for clients throughout the United States where the rate was in the 7.99% range.  The amount the client charged for rents was high enough that the borrower ended up profitable each month.  In answer to your question ... it all depends!

I am still scratching my head as to why my borrower got turned down by so many private lenders.  The first turn down was a bank but then again a turn down on incomplete construction from a bank is to be expected.  

The borrower is an owner/builder and the property was 90% done when he came to us. He had good credit and the LTV stayed below 60%. A no brainer for most private lenders so I still don't know why he got turned down by four private lenders prior to contacting us. In any case he completed the house and has it on the market for $1,079,000. It turned out really nice.

The moral of the story is "don't give up too soon" Just because a deal does not make sense to some lenders does not mean it won't fit into the wheelhouse of other lenders.  Just hang in there.

Check out the place

http://tours.tourfactory.com/tours/tour.asp?t=1549967

A lot of smart people interacting on BP. Glad you found the site. I offer Hard Money in the entire state of California. If you ever want to run a deal by me, feel free to reach out.