Investor help
I have a purchase contract in place and would need 570K on a property that apprasied at 880k in 2001. It should appraise at 900k or better now. I am having problems getting a hard money loan. I think what i will need is private investor money as my credit isnt completely fixed yet. Does anyone know how I would go about getting private money for a 1 year flip on this? Or is there a hard money lender that I have missed? Or should I be asking to give money at the resale to someone with a better credit score?I would need to pay all costs at closing. There is enough equity in the property for a fast flip as I will take a second just to flip it. Any help would be greatly appreciated. I am getting frustrated trying to get this one acquired.
Thanks,
Kyle
KyleGatton@Hotmail.com">KyleGatton@Hotmail.com
Kyle,
Where is the property located? Do you already have a buyer lined up? What would the property sell for in 30 days or less "as-is"? Thanks.
The property is in Florida, I dont have a buyer lined up. and before a new appraisal is done it would sell easily at 880K my intent was to get it re-appraised and sell it for more. I was planning on advertising it for sale the day of closing through the newspapers and maybe a national broker like century 21 just to sell it faster.
Kyle
KyleGatton@Hotmail.com
Kyle,
Thanks for the feedback. As usual, I will have more questions. What are the intentions of the current owner? What is their motivation to accept 570K with the equity behind it? Have you done a title search to see if there are any other liens or judgments? What are comparables in the area? I would be open to working something out with you. Are you interested in a possible equity split? What would create a win? Keep me posted.
the reason for the lower price is a death of the previous owner. The family has tried to rum it and have been pocketing the monies on a daily basis. they essentially penny wise and pound foolish.