Possible Deal in MI; Is it doable?

[nlosolutions]

I've got this deal I'm trying to do i Detroit. It's a wholesale pkg of 6 properties. They all need rehab but the ARV is there. Comps I have support ARV and seller is letting it go for pennies on the dollar. The deal is for $95K with an ARV of $505K. Each property, at most, only needs $15K in rehab.

I guess what I'm trying to see is are there lenders lending in MI? I'm having a hard time locating HM in MI. PLEASE HELP!!!!!!!

l

[gordo2417]

detroithardmoney.com or google Bob Norton.

Nate-WI

[herbster]

Hey I've never gotten anything Googling Bob Norton whats up. Oh yeh, and click Hard Money Lenders on the left. herbster

[gordo2417]

http://www.bobshotlist.com/

[Detroit Michigan]

Do not waste your time with Bob Norton,  Good guy yes BUT do you work to make your hm rich?

Their system is much like all others left:  3 to 6 month payoff, if not they take because they make you give qcd at closing.  Extremely high fees, Extremely high interest etc etc.  If it isn't sold and off "his" books the house is his and all your work is in vain.

Go figure something else out.

[gordo2417]

Sounds like you have an ax to grind, or your an unhappy HML yourself. 

Look at the original post.  He's looking for a HML.  So you said yourself.....Bob is a good guy BUT do you work to make your HML rich.  That's hilarious!  I'd rather work with a reputable, fair, and "good guy" HML then the rest of them.

I lend HML and I can tell you I really don't like doing.  Please o' please don't make me lend YOU HM.  I would much rather have you go down to your bank to get cash or local financing and buy my wholesale deal and be done with it.  I do HML to get deals done cause people NEED to go this route.  I don't really make a whole lot charging 2-3 points and 12-14% interest on a 40K deal.  Big whoop.  Yahoo!  I'm a rich HML.  Yeah right.

You said "Go figure something else out".  Were all waiting patiently to hear what you are doing.  What do you want this guy to do if HML is such a rip-off?  Buy for cash that he doesn't have?  MI is even worse for banks lending on NOO.  Does he go to his local bank?  How about a mtg broker (yeah.....and their better than a HML, right?)  I digress........

Get off your soap box and give us some answers,

Nate-WI

[Detroit Michigan]

Nate,  Your frothing with sarcasm and complete idiocy.

Hard money lenders are NOT a good way to go, period.  Especially in a market where "BUSINESS LINES OF CREDIT" are being handed out on every street corner for no less than $50k each.  Go to 4 banks in the same day and they will never know because the credit report will not show that fast that 4 banks pulled your report the same day.  In this scenairo you have $200k in a legal way.


Investors,  there are MANY ways to get cash, buy houses cash and close the same day on an reo and knock the price through the floor by paying cash.....  Your saving money all over the board.  Do this on 10 houses, wholesale them off for 5 to 10 k each, pay off the lines and keep the extra and NOW go do it with your own money without being DICTATED to by some bubble head like Nate here...

[ericmedem]

If you don't feel like working with hard money lenders now, or if you can't get approved, why don't you get to work on finding some buyers in your area to either partner with for a percentage of profit, or to assign the deal to?

Great deals can always find their way to money, if you know what your doing.

good luck