Hard Money

what are the ups and downs going this route,what should i watch out for confused confused confused [ Edited by davegar on Date 05/20/2005 ]

Comments(11)

  • cjmazur20th May, 2005

    CONS:
    High cost
    int rate and point

    So even if you pay it off fast, the points can eat you up.

    PROS:
    Fast funding
    no income/assets/credit (sometimes) check
    "no questions asked" mentality.

  • bargain7620th May, 2005

    Many times the HARD MONEY will eat up 35% of the profits in a decent job compared to using your own hard-earned.

    And they may help keep a newbie straight by only being willing to loan up to 70% loan -to-value, holding you back from paying too much for the property.

    Just my $.02.

  • IBuyHousesInc23rd May, 2005

    I bet if you gave the sellers the same terms you are willing to pay the Hard Money lender you will get great reception.

    And it doesnt mater if you have to pay 35 % of your profits to earn 65 percent of the deal...

    Remember you cant loose what you dont have.

  • ray_higdon23rd May, 2005

    Just make sure you are getting a great deal and only use it if you have to. If you have good credit adn job history, you can get traditional financing, but, good to know what you can do if you need to.
    [addsig]

  • drdanger8th April, 2005

    I plan on using different paints for the specific, I am looking for a Primer/Sealer such as KILZ or the like. Do you have any experience these type of products???

  • jtmac778th April, 2005

    Kilz works great but it can be a pain to clean up.

  • happyhome8th April, 2005

    jtmac77 possibly reinforces my point concerning Kilz. If you just ask for, or pick Kilz off the shelf you may indeed get the "original" formula that is difficult to clean up, solvent based and will raise the grain on all surfaces applied to. In recent years Kilz has come out with all purpose water based primers as mentioned eariler. Stick to these if you can.

    Also some years ago when only the Kilz "original " formula was availabe, I too just asked for it, used it everywhere including on new drywall.............I guess you can figure out what happened ???

  • Stockpro999th April, 2005

    Geneerally I use kilz as the best stain blocker though I have used other oil and water based primer as well. Oil based paint does not generally "raise the grain", water based may. I l ike oil based because your equipment cleans easier and better with thinner than it does with water, also I am generally in a big hurry and I can start painting faster following oil base primer. Oil base sticks to oil base paint better than Kilz 2 etc and is a better stain blocker.
    If you were to go into a home and textur it all over then a standard pva primer would be sufficient to seal the texture regardless of the type of paint underneath.
    I would use kilz, I prefer the original for indoors and it is about 6$ a gallon in the 5 gallon can and that is hard to beat
    [addsig]

  • happyhome9th April, 2005

    Thank you Stockpro99. I stand corrected. The oil based paint will not raise the grain. I meant to say that the Kilz "original" in my opinion will leave a rougher to the touch surface than other primers especially on woodwork, kitchens & baths. I have had to do light sanding with #220 paper prior to applying the finish coat of oil or water based paint so the finish will come out smooth for a good or better quality type job.

  • lobe6910th April, 2005

    I currenty work at a Sherwin Williams and think I can help you out. For a high grade interior, exterior latex primer, use a product called Problock latex. This stuff goes on anything and will run you about 25 per gallon. For a stain blocker ask for SF1 primer. Hope this helps

  • drdanger13th April, 2005

    Thanks for of the replies.

    Julieann, sounds like I have about everything you described. Patched drywall, crayon colored walls, dirty cabinets (wood with poly, to be cleaned and painted) concrete block retaining wall (with solid paint), textured ceilings, etc.

    Thanks

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