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Additional Details
There ... |
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 Am I still responsible for a lease/apartment after the lease as expired? |
Hello, I live in Los Angeles, and have a roommate in a 2 bedroom apartment.
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or can i keep it?
Additional Details
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split88wrex | Flipping houses using hard money lenders.? |
when using a hard money lender to purchase a property to flip. is it possible to negotiate a deal where you do not have to pay the lender back until after the sell. i plan on looking for property in some state of foreclosure so should be able to get the property at 60 to 70% of market value. |
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Skip
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This is one method of doing the business of flipping properties. It appears as if you should go to a book store and purchase a couple of books on buying, rehabbing and selling of foreclosed and distressed properties.
There is a method called taking a property subject to the existing loan. If you plan to be in this business and want to maximize your profit you might want to learn this technique as well as others that would keep you from the services of a hard money lender.
Some of the others are very lenient in their assessment of what hard money lenders charge. Most charge anywhere from 3-5 points for the loan. The interest rates are not in the single digits. Most will also allow a 3-4 month grace period before you have to make a payment to them.
Now there will be times when you need more money than you have, and you might find if necessary to use a hard money lenders. I would use these lenders as a last resort.
You should advertise in your local newspaper for investors to assist you with your projects. Over time you should be able to attract investors that will help you and be a lot more reasonable.
Eventually you will want to start saving funds from your profits to reinvest, thus having more control over your own projects.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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Tim D
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Yes, Its possible to get a hard money lender to agree to those terms but they will get terms that will likely eat your profits alive.
You have a better shot at borrowing extra up front to cover the payments for like 3 months.
So if you need $100,000 and your payment with high interest is like $1000/mo borrow $105,000 put the extra in the bank and make the payments off of that money. Don't touch it to fund the project.
Remember they have to often make payments so someone else for the money that are lending. Getting them to agree to something that doesn't have offsetting cashflow will be very difficult. |
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frankie b
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I know of a few lenders who have done this for clients, but they got outrageous interest. (as if they don't anyway.)
They also will probably want an extra point up front. Figure most hard lenders are getting 2 points up front all ready.
Be careful, flipping is not as easy as on TV. |
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CALIFORNIA GOLD
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I know a lender who does a deal at 65% LTV I believe and you have no payment for 6 months. Check out the free evaluation form at the source website. |
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Wango138
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Do NOT use hard money lenders for flipping. There are many banks out there that will finance the deal for a reasonable rate and fee. |
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plasma71104
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Yes, it is possible. If you are looking to purchase and flip properties in some state of foreclosure (may I suggest pre-foreclosures). Chances are you will have to use a hard money/equity lender because traditional lenders will not loan money to properties that have that kind of lien---it doesn't have marketable title. Also, lenders are not interesting in owning real estate-they are the lending business. Hard money lenders charges higher interest rates because of the increase in risk.
I suggest you get to know some investors (look up any real estate investors' clubs in your area) and private lenders to back you up. It may be a good idea to contract your first deal so you make an easy few grand. (Make sure the contract is assignable). After you sign the contract at lets say $90,000 (and the market value is $140,000) sell it to an investor via contract flip for $120,000. I don't care if your hard money lender was charging 30%- you never had to pay a dime out of your pocket-maybe just an earnest money depo. |
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wazup1971
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No, you can lose everything and you don't have any guarantee to sell and make a profit.
You can get surprised how many people have lost everything in flipping, even if tv suggest you can make easy money. |
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shanebuyshouses
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If you want to learn how to do the deals with No Lenders and assume Zero Liability...I recommend trying to get Chris Harris from http://scbuyshouses.com as a mentor/coach. |
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EllenLouise
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Go to an established bank in your town. |
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John N
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It is possible, but I would suggest you get an interest only loan instead. Some banks and hard money lenders have access to such offers in which it's basically a 30 yr. loan with a balloon in 1 year. Make sure you can fix up the house and have it sold in that time frame.
Like Captain Kirk in Star Trek: The Wrath of Khan, always have an exit strategy. |
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