Both of us find investors who are interested in forclosed property and we send them the listings.These listings are great, the only problem is once you secure the property you have 24 hours to either go with their hard money loan program(which is 10% down with 18% interest),pay cash or find another hard money loan.

All of you should be aware of this even if you don't live in Illinois... because state officials will often copy legislation.Comments?

They want an official commitment letter from the first.Important to mention, the first's principle is $360K, but with all costs, they would have to bid $430K at auction, which nobody would pay, so they'll own it.

Our situation: own outright, (financing secured from second on another property), need cash to buy next rehab.

In fact, some would argue to use a strategy for putting the maximum amount you can down on a purchase agreement; then worst case (assuming you have a financing clause in the sales contract), once you secure a ratified contract, you can change your financing terms as long as it doesn't negatively impact the seller.

Hey 4runner,Some companies need you to do winterizations, lawn service, board-ups, securing, etc..

If ANYTHING goes wrong (new furnace, vandalism, damage done by tenant in excess of the security deposit, etc), then you're broke and out of business.

Social Security is the government sponsored program that every person pays into while they work.

Get existing lender to sign off on this (won't lenders security in any way).2- prepare a co-beneficiary agreement - owner assigns (90%) beneficial interest in the trust to you.

AFAIK it's part of the same "Homeland Security" package rammed through in the wake of 9/11.FWIW the person in question was protesting "Falon Gong" harassment and suppression by the PRG.