#1investor_cream 5 Report post Posted February 24, 2015 I am wondering If we have any Hard Money lenders (Private Money) Resources in our Forum.. Hey It's 2015 time to Step my Game Up! This year I'm pumping large Earnings in Multi Family. Cream Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 24, 2015 Hi, Erik. How goes things? Good to see you around again. Hard money and private lenders are two different animals, at least from my perspective. Hard money is a business where you pay through the nose to get the funding you need. Private money is an individual with capital that can be better served in a real estate investment with you than, say, in a money market fund or a risky stock market position.As for any on the board here, can't say that I know of anyone. But hard money lenders are available quite readily. Do some shopping around. Lending is their business and if you have a low risk deal these guys will at the ready. Private money will require more effort and courting. Share this post Link to post Share on other sites
#1investor_cream 5 Report post Posted February 24, 2015 Hey MC, things are going great. How are you doing these days? Yes, Hard Money and Private Money are very different. Wanted to see if we knew any Good Lenders (Preferably Private) here in our Forum. Maybe even a strategy to find private funds. Using Hard Money is expensive but Private like you said MC is the right way to secure funds. I have a Few Multi Family projects I'm working on.. I definitely have the cash to put down. My Focus this year, Buy and Sell Multi Family! I'm going to need access to more Money! Good problem to have! Right? CREAM Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 24, 2015 Buying and selling multi families? Ambitious! Go for it, Erik! Don't be a stranger. Share this post Link to post Share on other sites
Guest Nikkicorrell Report post Posted December 22, 2016 My fiancee and I are attempting to buy a house in Flushing, Mi. It previously sold for around $270,000. Our offer of $102,500 was accepted and we were preparing to close. A few weeks ago, our mortgage officer contacted us to let us know that there were some issues and that we could not proceed with the mortgage at this time. It should take us about 6 to 8 months to correct the issues in order to obtain the mortgage. In the meantime, we are searching for someone who might be able to help us. We need no money out of pocket, just someone who is willing to take out the mortgage, and immediately sell the property to us on land contract with a 6 to 12 month balloon. The listing is cash or 203K only, and we estimate the total amount with repairs included at $130,000. We would be willing to purchase the home on land contract immediately for $140,000 -$145,000. In other words, we're willing to offer $10,000 - $15,000 and we don't actually need to borrow any money from you, we just need someone who can get approved for a small mortgage and we would refinance in our names in approximately 6 -8 months. We are also in a time crunch, as our contract expires on the 28th . Please contact me if you might be able to help. Thanks! Share this post Link to post Share on other sites