If you had $5000 how would you get started ....

[dsconja]

Who are some of the Hard Money Lenders in Austin(or elsewhere) that offer 70% LTV? I've never used them before but I would definitely consider them when the time comes.

thanks for the info,
Bennie

[makenmoney]

Dear Shwing,

I have a big problem with your last post! "It is less risky to you if your deal turns sour, since you can let the property foreclose and not lose much money."  What the heck kind of advice is this to give out?!

It's hard enough to get loans as it is without more companies getting burned because people like you are using them as a safety net.  The more often they get burned the tighter the purse strings are for the next person. I've already run into problems with companies wanting chain of titles and have caps on appraisal changes because they have been burned too many times in the past.  It makes it harder for honest people to do business.

I would like to think that most investors are like me and feel they are responsible for paying their debts regardless of the outcome of the deal. I don't care if it's a multi-billion dollar company, a small bank, your partner or your Aunt that loaned you money.  I just think it's completely WRONG to go into a project with the attitude that if you screw up you don't have to do anything about it.  If you loose your shirt in the process then so be it. Start again.

I'm sure you would feel quite differently  if it were you who loaned the money, held the note, foreclosed on a half finished project and had to try to figure out how to get your money out of it.

What you do with your finances is your business,  but please don't teach people to do this.

Kathy