Private Investors
I have had no luck with finding private investors using newspaper ads.
Has anyone here had any luck?
Sometimes when I get a house subject to, I would like to borrow the rehab funds instead of refing the whole thing just to get the rehab money.
Has anyone done this using ads?
What do your ads say?
[addsig]
Does anyone have any suggestions?
RE: "Sometimes when I get a house subject to, I would like to borrow the rehab funds instead of refing the whole thing just to get the rehab money. "
Be specific. You state you are looking for an investor...then you turn around and say you want someone to lend you funds to do rehab work. When you mention you want investors--I take it you want to flip the property to an investor, but perhaps you are just short on rehab funds. Kindly elaborate on your situation.
Actually both scenarios are used.
Sometimes I flip the property to another investor, and other times I rehab and then sell myself, and need to borrow the rehab and reinstatment money.
I just have had aboslutely no luck with newspaper ads and wondered if someone else has had any luck with them. My ads read the same as Ron Legrand says to use, and supposedly some of his other students have had success.
go to your local REIA and start networking. I am certain that there are more people there with $$ than can find deals.
I have raised millions networking, through websites and ads.
Everything is secured by real estate at <80% value and when you have closed more an more transactions it is easy to get the financing.
[addsig]
Call some of your smaller local banks - mortgage lender. They know the people who have money to invest short term.
ANother idea would be to use "hard money lenders". They will usually loan up to 70% ARV for both the purchase price and rehab costs. Sometimes if the deal is good you can even get the closing costs funded. If your not buying the property correctly, under 70% ARV then you will continue to need cash to do the rehab yourself.
There are hundreds of lenders out there that you can find to do this kind of financing.
Hope that helps!
Good luck
ANother idea would be to use "hard money lenders". They will usually loan up to 70% ARV for both the purchase price and rehab costs. Sometimes if the deal is good you can even get the closing costs funded. If your not buying the property correctly, under 70% ARV then you will continue to need cash to do the rehab yourself.
There are hundreds of lenders out there that you can find to do this kind of financing.
Hope that helps!
Good luck