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Anyone interested in lending $300,000-$500,000????? Seriously!!!

Discussion in 'Other Off Topic Forum' started by ILuv4Res, Dec 17, 2003.

  1. ILuv4Res

    ILuv4Res F1 Veteran
    Owner Lifetime Rossa

    Aug 8, 2002
    6,500
    Full Name:
    Fred
    All,

    I have another potential real estate deal that I am looking to put together. It involves financing 18 units. I will put down 20+%. In addition, I am buying the properties below market value so the loan to value would be around 60-75%.

    I would be looking for somewhere between $350,000 and $500,000, depending upon where the purchase price winds up. (the property is going through probate right now and they haven't priced it yet).

    This would be a 1st mortgage. I am willing to pay somewhere around 7-8%, amortized over 30 years, with a 5-10 year balloon payment.

    I already own about 24 other properties in the same immediate area, so I am familiar with the in's and out's of the neighborhood, etc...

    This would be a 100% above-board deal/investment. No bs. I definitely can get a loan through traditional methods/lenders, however, this could be a win-win and streamlined if financed privately.

    Anyone SERIOUSLY interested, that has the ability to do this, please contact me at d90le@aol.com I would be more than happy to discuss the deal, as well as my trackrecord/bio.

    Thanks!
    Fred
     
  2. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    It's funny 78 views and no responces, Just like I have always thought
    nothing but poseurs. They can't wait to tell you about the 250k they
    just pissed away on a depreciating asset. Here your giving them the opportunity to make an Investment in real estate and not one of the big
    chingaza's steps up to the plate.
     
  3. fanatic1

    fanatic1 Guest

    Nov 1, 2003
    553
    columbus
    Full Name:
    philip
    yes Mr. Green,

    Because I'm sure that all of the Big Chachingas on this board have made their money through internet chat room investment deals...........

    Freak.
     
  4. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    Maybe there all poseurs like you!
     
  5. fanatic1

    fanatic1 Guest

    Nov 1, 2003
    553
    columbus
    Full Name:
    philip
    Exactly what am I posing to be?
     
  6. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    You drew first blood!
     
  7. Tpup

    Tpup Rookie

    Nov 2, 2003
    32
    Roswell, GA
    Full Name:
    Roy
    Mr. Green,

    Could be a bunch of poseurs or it might not be that good of a deal. I do those deals and would not touch that one. I did a deal this week, $300K on a 165 lot development. I'll get back $300K + $141.1K in 23 months. Why would I want to tie up $300K at 7 or 8% for 30 years?? His offer is chump change imo....

    Roy
     
  8. tifosi

    tifosi F1 Veteran
    Lifetime Rossa

    Sep 5, 2001
    5,382
    texas
    Full Name:
    Tom D
    and I thought he asked to be emailed if you were interested??? knucklehead
     
  9. JimSchad

    JimSchad Guest

    Fred is a legit real estate guy and he and I have conferred on several deals over the months. Sure 7-8% is not dot com ROI's, but if you have cash and nowhere to put it then this would be a safe parking place. Also he didn't say you dont' get paid for 30 years. He said a balloon in 5 to 10 meaning a cashout at that time or sooner.

    Also, just because you don't see 50 replies doesn't mean nobody cares. Or if they don't care then Fred will see that he needs to offer more bang for the buck or perhaps his deal won't work.

    He is just looking for leads so no need to be rude.
     
  10. fanatic1

    fanatic1 Guest

    Nov 1, 2003
    553
    columbus
    Full Name:
    philip
    "what exactly am I posing to be?"

    "you drew first blood"........

    You're not even making sense.

    Plus, you spelled "they're" wrong...............again.
     
  11. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
  12. Dave

    Dave F1 Rookie

    Apr 15, 2001
    2,722
    Little Rock
    Full Name:
    David Jones
    I guess my question would be If... "I already own about 24 other properties in the same immediate area"...
    Then you should be able to generate working capitol from them.
    Or are the other properties not paid for yet, or not generating you any income?
     
  13. ILuv4Res

    ILuv4Res F1 Veteran
    Owner Lifetime Rossa

    Aug 8, 2002
    6,500
    Full Name:
    Fred
    All,

    I really didn't intend this to start another 'war' thread. I am merely looking for a private investor.

    Tpup- Glad you have the opportunity to invest into such lucrative deals. However, I am sure with the returns comes risk. Your deal involves r.e. development. IMO, that's much riskier than a simple mortgage. 7-8% may be chump-change to you. However, to someone who is looking for a conservative investment (plenty of equity, I will have a lot of my own money into it, I have a flawless track record, excellent credit, 1st place mortgage, etc...) this is appropriate. This is a real deal that someone can look at. The buildings are already in place. Right now, there isn't much available in the investment arena that a 'hands off' investor can obtain a 7-8% return on with little risk. Banks, corporate bonds, municipal bonds, treasuries, etc... pay much less. Additionally, you didn't read my post closely. I am willing to have a 5-10 year balloon so the $ isn't 'tied up for 30 years'!!! I am offering a higher interest rate than I can get from an institutional lender with the same terms. However, the benefit to me would be less red-tape to get the deal closed so I am willing to pay a bit more on the interest side. The benefit to the investor would be a very low risk investment to recieve a better than average rate of return over other general publicly offered investment opportunities. I am not looking to offer pie-in-the-sky interest for a 'possible' return. This is a real, honest, fair deal. No B.S. Besides, why would you badmouth my offer???
     
  14. ILuv4Res

    ILuv4Res F1 Veteran
    Owner Lifetime Rossa

    Aug 8, 2002
    6,500
    Full Name:
    Fred
    Dave- to answer your question. The other 24 properties in the same area are for the most part, owned outright. Additionally, I own MANY, MANY other properties. I never said that I couldn't get the $ from other sources. I definitely can get financing on the new deal, take $ out of any of my other properties, or other sources, etc.

    This is not a case of some looser looking to fleece someone, nor am I unable to obtain alternate financing other than from someone on a f-chat board.

    The ease of someone private coming to the table to do this deal, rather than me re-financing or other institutional lending, is appealing to me. Either way, if I finance the new property, or re-finance existing ones, I will pay a mortgage. Why not offer the interest to someone directly instead of to a large lender???
     
  15. ILuv4Res

    ILuv4Res F1 Veteran
    Owner Lifetime Rossa

    Aug 8, 2002
    6,500
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    Fred
    Thanks Jim!!!
     
  16. Tpup

    Tpup Rookie

    Nov 2, 2003
    32
    Roswell, GA
    Full Name:
    Roy
    ILove4Res,

    It was not my intent to "badmouth" your deal. I just don't think it's a good deal for me. Good luck with that.

    Roy
     
  17. kenny

    kenny Formula Junior

    Nov 9, 2003
    376
    Greenwich , CT
    Full Name:
    Kenny
    Iluv4res-

    I'm not defending anybody, nor am I saying yours is a bad deal, but you mention, arranging a loan privately is more appealing to you than going through an institution?? Assuming any private individual will do his/her due diligence, how is this advantageous?? A private individual has more to lose if the loan goes bad and will scrutinize any deal more carefully as opposed to a bank or lending institution that has pools of millions in loans and can write off bad ones and buys insurance...
     
  18. ILuv4Res

    ILuv4Res F1 Veteran
    Owner Lifetime Rossa

    Aug 8, 2002
    6,500
    Full Name:
    Fred
    Kenny - I don't know if you own your own home or not, but, when you obtained a mortgage, I'm sure there was a long drawn-out process to get your financing. On commercial properties, that process is sometimes more tedious and involved.

    Obviously, anyone coming to the table to invest would do their due dilligence. However, doing their own due dilligence, rather than someone at an institution sitting behind a desk somewhere with no clue what's going on doing the underwriting gets frustrurating. Most people in R.E. understand the ease of private financing.

    Additionally, I do many r.e. deals. In the past, I have usually done them by paying all cash, rehabbing, then re-financing out. It would be nice to eventually build a relationship with someone who I can continue to do business with to build up my portfolio faster.

    I guess I can understand the cynical attitue most of the replies here have had. I probably would have the same attitude. As I have posted before, this may not be for everyone. Some may have alternate investments that are at higher yields, some may not have this amount of cash laying around, some may not care to do business for whatever reason. The bottom line is that this is a clean, safe investment. If someone is interested, fine. If not, that's fine too. No big deal, I'll get financing elsewhere.
     

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