I’m in need of a hard money loan in Florida. Can anyone help me find this type of loan?
Jun 16, 2009
in
Hard Money Loans
I'm a Professional that is looking to get into "flipping" houses. I have located properties that are 65% to 70% ARV. If anyone knows of a Hard Money Lender or Private Investor I would appreciate your help.
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5 comments
valstpatrick on June 16, 2009 at 1:24 pm
Be careful when doing this type of transaction. After repair value (ARV) is subjective. You have to have money to make the repairs – if you are expecting to purchase the property for LESS than the 70% ARV, and use the 'cash out' to complete the repair in order to 'flip' the home for market value, You just committed mortgage fraud – even using a hard money lender.
If an 'investor' is training you, RUN. There have been several of these types of operations pop up here in FL; many of the participants are now facing prison time and fines.
If you are a professional, then you should be looking at conventional financing even for investment property. Just apply as a non-owner occupied property – your credit and income should qualify you.
Hope this helps, Good Luck
mcmufin on June 16, 2009 at 1:24 pm
This is the wrong time to do it here. You're finding homes with such a low price to assessed value ratio for two reasons. First, no one is buying and prices are falling. There is so much inventory both on the market and not on the market (homes built by construction companies but not offered for sale so the builder's homes that are not listed for sale so those offered for sale might go for a higher price) that it will be at least a year before prices stabilize, let alone start to rise. It could be as long as two or three years before prices bottom out.
Second, the assessed value is based upon when the homes sold during the real estate bubble. Prices were artificially high then. A house might have sold for $500,000.00 then, but it is only worth $300,000.00 now. The property is assessed at $500,000.00 because that is what it sold for, even if it is only worth $300,00.00 now.
I know many people made hundreds of thousands of dollars during the bubble, but they also caused the bubble, and they are now left holding devalued properties.
Crocodilian on June 16, 2009 at 1:24 pm
wow, listen to McMuffin . . . this is the WRONG time to be playing this game.
Real estate "values" are sticky. You may think you've found a $500 K home for $350 — but its only $500K if you can sell it. And that IF is a huge problem right now.
Remember, too, that there's an enormous pipeline of stuff being built for delivery in the 07-09 timeframe.
DEBBY c on June 16, 2009 at 1:24 pm
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John Loves Jenn on June 16, 2009 at 1:24 pm
Hello friend good luck on your Loan search…
*Scam Alert**
Don't pay attention to the people on here who are trying to Scam you.
Beware of Advance fee Loan scams.
ALL so called "Private Lenders" who ask for fees upfront are scammers…
my Advice: Don't deal with anyone from a foreign country and never use wire/bank transfer services.. you risk losing your $$ and your mind.