Securing/Soliciting Private Funding Or Investors?
i have started marketing to people that im looking for private money to fund deals with. i have said that there money would be secured by a mortgage against the house.
my question is what is a typical rate to pay someone for a short term loan, 10-15%? and lets say its a 100k loan does that mean i pay them 10-15k? is that usually how hard money lenders do it?
my other question is what if i get a bunch of people who only have 10-40k each how would i secure all there money at once? has anyone found that people are willing to take second mortgages if i only want to use there money to cash out the home owner and take the house sub2?
these would all be short term loans on houses that im going to turn around quickly. im just trying to get a good idea of what to tell these people and how to structure it. any one who has done this, your advice would be appreciated.
thanks.
If thats true your going to have to change your name to holdster.
Any house can be sold. Period
If youre a Realtor make sure you indicate that on your purchase agreement and DONT enter into an agency relationship with the seller.
And no you dont have to gett the lenders approval however the do probably have a due on sale clause
Not having agency eliminate your fiduciary duty to the seller.
Its not worth the money in commission.