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 strictlyrealty
Joined: 19 Nov 2008
Posts: 1
1.81 Dollars($)
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 Posted: Wed Nov 19, 2008 8:12 am Post subject: What is the best direction for me to take? |
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| I have a situation where I will like to purchase several properties that has been on the market for over 100 days. I've done research on the property, had the contractor give me estimates on renovating the property so I know what I am looking at as far as exspenses. My issue is acquiring the property. During the early part of the year an investor and I had contracts on the table, some financial issues arose that caused the investor having to back out of the deal and I went in with financial issues; therefore, the investor was the main source of obtaining the properties. I tried obtaining a hard money loan; however, because of the condition of the current market I am finding it very difficult to obtain financing. I just know this is a good investment for me, just having difficulties obtaining properties, any advice? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Wed Nov 19, 2008 8:19 am Post subject: |
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beyond the hard money markets, i surmise that your prospects are relatively dim.
institutional lenders are growing more conservative by the moment, and if you are bringing financial issues to the table, i am not the least surprised that the hard money folk are hesitant as well.
options? few and far between, i suspect.
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George M. Akerley
Loan Consultant
860-221-5044 |
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| Posted: Wed Nov 19, 2008 8:26 am Post subject: So let me ask this question? |
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| When I say financial issues, meaning that I was not at the same level financially as the investor that worked with me and I am not sure what the hard money lenders are looking for, can you give me an idea of what the hard money lenders are looking for so that I can position myself accordingly? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Wed Nov 19, 2008 8:37 am Post subject: |
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not being a hard money lender, frankly; no i can't tell you. i can't even tell people what conventional underwriters are looking for any more! this market overall is way too topsy-turvy.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Guest
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| Posted: Wed Nov 19, 2008 11:09 am Post subject: |
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| Because I've processed loans for BofA for a number of years, I am able to tell what conventional lenders are looking for, let me know if you need any help on this. |
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