Hard-money loan?

[permabear]

[quote=sdrealtor]Yes and Jim the Realtor has had how many people actually succeed with his buy on the court house steps program. My guess would be a big fat zero.

I get solicited by hard money guys all day and they are sharks. I will try and PM you a few. They arent giving anything away. 6 pts is common to pay.[/quote]

Thanks sdr – should have emailed you first. I did see they want 4-6 pts and 9-19% interest. Ouch is an understatement.

[sdrealtor]

I’ll find a few and will send them to you. Be forewarned these guys have big dorsal fins on their backs. Its not the interest they charge as you can refinance pretty quickly and be done with that. Its those points that are the killer. All things considered, I think you have to be buying somewhere around 30% below market or more for it to make sense.

As a general statement buying on the courthouse steps is extraordinarily difficult for an owner occupant these days even though they dont need the margin an investor does. Auctions get postponed over and over again so there is no way to know whether a given property will even make it and when. Throw in liens you may not know about, not being able to see the property you are buying and condition issues that can overwhelm you. The investors dont care if the floorplan fits their families needs it is all dollars and cents to them. If they think they can make money….bingo. They just need to be right 60 to 80% of the time and they win big. An owner occupant can get crushed if they are wrong.

With that said if you have an inside track on a property and have been able to see it thoroughly before the auction it could work. You also need cash (or access to it) and the time (or the ability to pay someone who does) to make it all happen. I just dont see it as a realistic course for all but the most ardent players.

[sdrealtor]

I’ll find a few and will send them to you. Be forewarned these guys have big dorsal fins on their backs. Its not the interest they charge as you can refinance pretty quickly and be done with that. Its those points that are the killer. All things considered, I think you have to be buying somewhere around 30% below market or more for it to make sense.

As a general statement buying on the courthouse steps is extraordinarily difficult for an owner occupant these days even though they dont need the margin an investor does. Auctions get postponed over and over again so there is no way to know whether a given property will even make it and when. Throw in liens you may not know about, not being able to see the property you are buying and condition issues that can overwhelm you. The investors dont care if the floorplan fits their families needs it is all dollars and cents to them. If they think they can make money….bingo. They just need to be right 60 to 80% of the time and they win big. An owner occupant can get crushed if they are wrong.

With that said if you have an inside track on a property and have been able to see it thoroughly before the auction it could work. You also need cash (or access to it) and the time (or the ability to pay someone who does) to make it all happen. I just dont see it as a realistic course for all but the most ardent players.

[sdrealtor]

I’ll find a few and will send them to you. Be forewarned these guys have big dorsal fins on their backs. Its not the interest they charge as you can refinance pretty quickly and be done with that. Its those points that are the killer. All things considered, I think you have to be buying somewhere around 30% below market or more for it to make sense.

As a general statement buying on the courthouse steps is extraordinarily difficult for an owner occupant these days even though they dont need the margin an investor does. Auctions get postponed over and over again so there is no way to know whether a given property will even make it and when. Throw in liens you may not know about, not being able to see the property you are buying and condition issues that can overwhelm you. The investors dont care if the floorplan fits their families needs it is all dollars and cents to them. If they think they can make money….bingo. They just need to be right 60 to 80% of the time and they win big. An owner occupant can get crushed if they are wrong.

With that said if you have an inside track on a property and have been able to see it thoroughly before the auction it could work. You also need cash (or access to it) and the time (or the ability to pay someone who does) to make it all happen. I just dont see it as a realistic course for all but the most ardent players.

[sdrealtor]

I’ll find a few and will send them to you. Be forewarned these guys have big dorsal fins on their backs. Its not the interest they charge as you can refinance pretty quickly and be done with that. Its those points that are the killer. All things considered, I think you have to be buying somewhere around 30% below market or more for it to make sense.

As a general statement buying on the courthouse steps is extraordinarily difficult for an owner occupant these days even though they dont need the margin an investor does. Auctions get postponed over and over again so there is no way to know whether a given property will even make it and when. Throw in liens you may not know about, not being able to see the property you are buying and condition issues that can overwhelm you. The investors dont care if the floorplan fits their families needs it is all dollars and cents to them. If they think they can make money….bingo. They just need to be right 60 to 80% of the time and they win big. An owner occupant can get crushed if they are wrong.

With that said if you have an inside track on a property and have been able to see it thoroughly before the auction it could work. You also need cash (or access to it) and the time (or the ability to pay someone who does) to make it all happen. I just dont see it as a realistic course for all but the most ardent players.

[sdrealtor]

I’ll find a few and will send them to you. Be forewarned these guys have big dorsal fins on their backs. Its not the interest they charge as you can refinance pretty quickly and be done with that. Its those points that are the killer. All things considered, I think you have to be buying somewhere around 30% below market or more for it to make sense.

As a general statement buying on the courthouse steps is extraordinarily difficult for an owner occupant these days even though they dont need the margin an investor does. Auctions get postponed over and over again so there is no way to know whether a given property will even make it and when. Throw in liens you may not know about, not being able to see the property you are buying and condition issues that can overwhelm you. The investors dont care if the floorplan fits their families needs it is all dollars and cents to them. If they think they can make money….bingo. They just need to be right 60 to 80% of the time and they win big. An owner occupant can get crushed if they are wrong.

With that said if you have an inside track on a property and have been able to see it thoroughly before the auction it could work. You also need cash (or access to it) and the time (or the ability to pay someone who does) to make it all happen. I just dont see it as a realistic course for all but the most ardent players.

[booter1]

Thanks SDR- what is your e-mail?

[booter1]

Thanks SDR- what is your e-mail?

[booter1]

Thanks SDR- what is your e-mail?

[booter1]

Thanks SDR- what is your e-mail?

[booter1]

Thanks SDR- what is your e-mail?

[Effective Demand]

Check out Bruce Norris :
http://www.thenorrisgroup.com/hard_money_loans/hard_money_faq/

Or ask over at SDCIA:
http://sdcia.websitetoolbox.com/?forum=59897

Best of luck.

[Effective Demand]

Check out Bruce Norris :
http://www.thenorrisgroup.com/hard_money_loans/hard_money_faq/

Or ask over at SDCIA:
http://sdcia.websitetoolbox.com/?forum=59897

Best of luck.

[Effective Demand]

Check out Bruce Norris :
http://www.thenorrisgroup.com/hard_money_loans/hard_money_faq/

Or ask over at SDCIA:
http://sdcia.websitetoolbox.com/?forum=59897

Best of luck.

[Effective Demand]

Check out Bruce Norris :
http://www.thenorrisgroup.com/hard_money_loans/hard_money_faq/

Or ask over at SDCIA:
http://sdcia.websitetoolbox.com/?forum=59897

Best of luck.

[Author]

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