! I Need HML Advise !
Hello investors I am in need of some help. I began my REI career about 6 months ago, but haven't purchased my first property yet. I am finally ready now but I am having a hard time finding a financing to fit my situation. I am looking for a HML that will lend the full 65% of the ARV so that all my costs and fees can be rolled into the loan. Heres the numbers:
After Repaired Value- 65,000
Purchase Price- 28,000 (can prol get it for 24k)
Repairs- 5000-7000 (need new roof, paint, carpet, landscape)
Holding-2000
unexpected-2,000
Sales- 5,000
I know I can make about 25k off this one. I just need the financing. I have a 640 score but I only have about $2,000 to work wit. Can anyone point me in the direction of a good fast moving hml that works for my situation. I am able to doc my income but not assets and as far as bank statments i haven't had my account open long enough. Yea I know I know go to the lenders tab...been there. Anything that could help would be greatly appreciated.
Bacardi & Coke:
Put an add in your local paper:
"Real-Estate investor with proven track record looking for investors who want to make 10-12% on their money secured by a First Trust Deed"
When they call you, prescreen them and meet them for lunch or coffee.. Explain to them you are buying properties below 70% of market value. Tell them you will pay them 10% with no pts monthly payments if they put the money up. 12% Fee Simple if you pay them when the house sells....
You will find someone.
Best Riches,
Jeff Adam
[addsig]
Have you been to you local real estate investor meetings? Do they have a web site?