All Forum Posts by: Judy Rae

I do lots of small Hard Money loans in California.  If you ever need help in our neck of the woods just let me know.

Hi David,

This property was brought to me by a wholesaler.  Sorry for the delay in answering.  I did not see your question until just now.

There are still a handful of Hard Money lenders who will lend on owner occupied properties as long as you have enough down payment & DTI is about 43%. Have you tried that route?

I would agree with the guys. Not worth being untruthful.  If they ask for a copy of your bank statement and it does not show all the cash needed you are dead in the water.   On the other hand some of my clients are lucky enough to have the enough cash in the bank to buy the property ... but no plans to actually use it.  They make an all cash offer then close with a Hard Money lender.  But this is not the typical buyer.

9% to 10% would be a more typical rate for hard money as opposed to the 14% mentioned above if you're dealing with a direct lender. Often times the bigger problem is that if the property needs work the the bank will refuse to do the loan. They are essentially looking to lend on properties that are already in Tip-Top shape. Check out our Facebook posting on March 14th where we show a perfect example a borrower who could not get a bank loan with his 700-plus credit score and plenty of money down while trying to purchase a Fix and Flip. Our Facebook page can be found by typing in California hard money direct.

If you type in transactional funding in google you will see companies that specialize in the type of short term loan you're looking for.

I personally don't like bricks.  If you want to save money and keep them I would remove a lot of them so the yard is not just a bunch of bricks.  As they are now they take up way to much of the yard in my opinion.

Thanks Nick,

Continued success!

Kevin I only have two rentals now.  I had up to 7 at one time in the past plus I rented properties for other people via my website www.premiervacationrentals.com

I am less active now as I am focusing most of my time working with Trust Deed Investors and borrowers in need of funding.

I actually managed my own.  Getting good cleaning people is the thing that will make or break you if you do it on your own.  I would suggest calling other owners of properties in Orlando on VRBO.com to see if any of them can recommend a good property manager in your area.