Lease King,
Im in Ga too. Are you a part of the GaREI? I have a deal that I am looking at and have less than 10% of a down payment. The house is selling at 125 but rehabed I expect it to sell north of 230. Am I the perfect candidate for a hard money lender?
Are these guys typically sharks? What is there motivation?
Many hard-money lenders will lend on any type of real estate deal as long as the equity is there in case they must take the property back.
My sources do rehab both commerical and residential, new construction, and normal purchases in case you want to hold the property until you can resale it.
As far as the loan shark question, no they are not they are high in fees, but most are under 18% APR, which is a lot cheaper than a partner. I would rather loss 18% of my profit over 50% and have all the control in the deal. All I have to do is find deals that have the equity.
Lease King,
Im in Ga too. Are you a part of the GaREI? I have a deal that I am looking at and have less than 10% of a down payment. The house is selling at 125 but rehabed I expect it to sell north of 230. Am I the perfect candidate for a hard money lender?
Are these guys typically sharks? What is there motivation?
Thanks for the previous responce. Very helpful.
Jason- Conyers, Ga.
Many hard-money lenders will lend on any type of real estate deal as long as the equity is there in case they must take the property back.
My sources do rehab both commerical and residential, new construction, and normal purchases in case you want to hold the property until you can resale it.
As far as the loan shark question, no they are not they are high in fees, but most are under 18% APR, which is a lot cheaper than a partner. I would rather loss 18% of my profit over 50% and have all the control in the deal. All I have to do is find deals that have the equity.