True Equity Lenders (Hard Money)
Hello All,
I am new to rehabbing after taking a seminar on investing using equity lenders. In the seminar, they focused primarily on real estate strategies. They put little emphasis on funding because its available. Finding money was suppose to be the easy part. Well, finding deals have been very easy for me. Finding "true" equity lenders who do not want to pull my credit has been difficult and frustrating.
Can any of you provide some tips on finding "true" equity lenders and some words of wisdome for this new investor.
Thanks,
RehabMomma
If you had a lender that pulled your credit and was ok with scores under 500 but just wanted to make sure there were no federal tax liens, would that work?
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To Our Success!
*See Profile for Contact Info[ Edited by NC_Yank on Date 05/06/2006 ]
try a Google search: type "hard money" "no credit check" include the quotes.
Hi All,
Thanks for the tips. I have joined a REI Club and will keep everyone posted.
Rehabmomma
Thanks for the input. I created a list of the renovations and approximate costs involved and mentioned that the property was purchased in dillapidated condition as a rehab. Mtg co accepted without any question.
We close this coming Tuesday. Yahoo!!
Good Post.
I am about to go through this on a property that we are buying as a Reo, and it needs re-hab work. I already have a buyer after the re-hab work is done, and was wondering if there will be problems with the flip.
We will only have title for about 2-3 months before it will be ready to sell, so I am wondering if we should prepare a letter as soon as we start during the re-hab in case the new buyers lender ask for it , or is it just some lenders who need this information.
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"Problems Are Solutions Dressed In Work Clothes "[ Edited by rbjj on Date 05/11/2006 ]