All Forum Posts by: Maribel Manibo

Could crowdfunding real estate websites be an alternate? Perhaps you could cultivate a hard money lender (a person instead of a formal business?) in the expat community? Or partner with a foreign business with presence in RSA that has access to HML? It's my understanding that hard money lenders aren't necessarily the formal businesses you might find online, but simply any person/entity willing to provide a short term loan, collateralized by property, and willing to take (mostly) interest only payments and defer full / majority repayment of the principal upon the term end. Could you find a sample promissory note with such a loan structure, run it by an RSA lawyer and find lender prospects? Private loans are private loans and contracts are contracts, right?

There are 4-5 single family homes (NOT mobile homes nor manufactured) that are being sold at major discounts because the city plans to rezone and develop in that area and needs the homes physically moved. The homes are being sold for $5000-$15,000 each which is a HUGE discount in that area. They are minimum 3br/2ba, at least one of which is a 2 story house. It's not been that easy to research online and I've seen some quotes of $100K - $200K. I'd love any advice regarding the issues/costs in moving the homes (some are brick but not all), marketing, reselling etc. I am a new real estate investor but given the price and sq. footage of the homes being sold, I'd love to explore the viability of the opportunity. I'm opening to partnering as well. Who would be interesting in buying such homes if I were to wholesale?