I am already in my extension period but I am still no closer to closing on this than I was a couple of weeks ago.I do have some options.

The owner originally was seeking some form of financing, but was too deep, thus the opportunity to have a private investor step in, which would be me.

send a private message if you want to discuss.Joe

But persistance is the best key when it comes to being a private investor that wants rental properties or any type of investing for that matter.........

This would be used while working with Agents, Lenders, Private Investors...etc.Anybody have any experience using one?

Many hard money lenders are just private individuals.

Trying to acquire a house for rental purposes, long term strategy is to rapidly build a rental porfolioPurhcase Price is about $55,000 two financing options available:1. 90% loan which will be at %7.25 interest and tie up $5500 down payment..will also cost and additional $468 in private mortgage insurance(PMI).2. 80% loan, @ %7 interest, will tie up $11,000 down payment, but will save the PMI ($468 a year) and a %0.25 in interest and ofcourse financing less which will lead lesser payments and lower interest paid.. the total savings of interest saved, PMI, and cost of barrowed less funds will come out to about $90 a month which is about $1080 a year savings over finance plan #1..which way is better to go?

You find a private investor willing to put down the $50,000 grand needed.

So I had all three parties at the office at the same time and pulled out an extensive disclosure that explained everything.

Lo and behold it went to auction with a private firm repping the bank.