Seeking Private investor money for bank foreclosures Northern Chicago Land area.We work with 5 banks in Lake County IL area that provide foreclosure / REO deals.Seeking Private Money - Minimum amount: $250,000Rate of return: 12- 16%Funds used to buy homes at 60 - 70% ARVAverage price per home: $150,000 - $300,000 maxAverage repair time: <2 weeksAverage repair cost: $10,000 - $20,000 maxAverage days on market: 2 - 4 weeks.Agreesive marketing plan to retail homes @ 90% LTV with 5% down from buyer.

Good numbers to start out with are to buy at 70% of After Repaired Value (ARV) minus estimated repairs on the property.

Unless your market is highly appreciating and/or you have a low equity exit strategy (i.e. lease option, owner carry, or long term rental), buying a property for even 80% of After Repaired Value (ARV) is risky.

Property Type:Residential and Commercial, investor properties onlyLien Position:First Mortgage onlyLoan Amount:$25,000 Minimum to $500,000+Funding Rate:Up to 70% of the After-Repaired-Value (ARV)Standard Term:12 months with monthly extensions possible.Standard Interest:Typically 13.75% with no payment due in the first month.

They called themselves Bargain Network, offering listings of automobiles and home listings of foreclosures, repossed and FSBO's.

Is there something where I could get an investor to give me a loan for the price of the house and the cost of some repairs?

I am a very honest person, almost to a fault sometimes.I basically do my negotiation, by reviewing the facts of the property with the seller, let them tell me some things about the property, their situation, why they are selling etc... but when it comes time to closing the deal, I have no idea what to say to justify my offer without spelling out how I arrived at the numbers (such as I put in offer of 70%-repairs-profit).

When I started I just factored backwards to what I would make on the deal and decided whether that was enough money or not.I know a lot of new investors brush over the 70% of ARV minus repairs formula, but it really is where you need to be.

purchase for 195k ...conventional 2 yr arm at 10%.... 20k in repairs....ARV is 260k ...I am a residential contractor so I will be doing the work.....appraised at 250 now....probably 280 to 300 after repairs depending on my detail input.

They want to know that the owners have repaired, cleaned, and updated everything they could to make the home more appealing.