Finding Hard Money Lenders
I have come across a deal in Florida that will get me in on a sale before the pre-construction prices. However, I am also in on two deals in Florida that are good for rental. I can show that I have put money into properties and very serious, but do not want to spread myself too thin. On this next project I'd like to investigate hard money lenders with the opportunity and "flip" the property at ground break. Most hard money lenders I have talked to are only interested in "rehabers". How do I go about find a hard money lender for pre-construction? I got my presentation ready with cash flow analysis, etc and ready to go.
If it is a larger deal then some of the Hard money will do it. If it isnt at least a million, then I dont think they would. I havent come across one that would do something like that for less. Also there would have to be some sort of collateralization when they put up the money.
You might want to try private funding, it is available for something like this, but you may have to make payments until it is sold. Also they may want to partner, so be careful what you disclose. There are plenty of private investors in both of our states and the interest rate mey be a little less.
Good Luck,
Kyle
Thanks for the message. How do I go about finding these Hard Money lenders of Private investors for pre-construction?
How much are you talking about possibly needing and for how long?
I might have a source that is near you but will hav to check it out.....PM with the rough details ad I can see if they are interested???
B
I am working closely with someone who will get us first pick of the units. They units range in bed/bath number and size from the 1 bedroom 1 baths starting in the low 200's and going to over 400. They will be over 1000 sq. ft. This is going to be the largest project in the Miami design district. The project will take 5-6 years to complete eight towers. They are building a city within the city. The project will consist of retail stores as well as residential units. I will be able to flip the units with the consent of the developer which we can get if you want that as an option.
This is a great opportunity and this is the only time to get in on pre-construction. This is before the pre-construction VIP sales.
P.S. With that being said, it is possible to pick up several units if the numbers look good.
Sent me a PM? Memorandum? Please explain.
Private message go to the link at the top that says MY TCI and it will take you to where you can find it.........
I noticed that you are in calif, but your deals are in Flordia, how are you getting out of state deals? And are you finding that Calif is TOO hot a market to to even consider, I am in So. calif and the proprety are just too ridiculous forwords. There are deals all over the state that are going for 2 - 4 times the asking price, there is no way to compete with this ridiculous market, please advise!! :-?
I mostly have only looked at pre-construction deals in Florida and then compared forecasting models with where the pre-construction housing is. However, Florida does seem to be a very hot market for all types of investing. As an investor it is hard to go around the country chasing deals and you are safest doing deals in the area you live in because you know what to expect. The Bay Area's housing is very costly, as is most of California. However, California is a great place for pre-foreclosures. I haven't personally invested in Long Beach, but many people say it is a great place to invest (including surrounding areas). I've found that peple in "notice of defaults" are pretty responsive to hand written letters offering to buy the home versus typed letters (time consuming but more responsive). Many times you can negotiate a deal to catch up on their mortgage payments on a notice of default and transfer the deed to your name with the option to lease back to the original owners and the option to buy off you in three years can work in CA. However, if you don't have the cash in your pocket to catch them up you are caught in a catch 22 and have to keep pushing for people to respond to letters. Some people just don't want to foreclosure and are willing to appy for a short sale. Hopefully some of these ideas help. Let me know.