Not sure where to post this qustion!! $15,000 loan after BK

[vtguy25]

Alright so I filed BK last year so it has been right around 13 months since filing and I have had a great start to rebuilding.  There is a investment property opportunity in a town near mine that the house is only $14,900 for a 4000 square foot 3 unit home that I would love to purchase to rent out.  Yes it does need some work but nothing that I can't handle or have access to people that can help also.  So my problem is that I do not have $14,900 in the bank I didn't know if anyone had some suggestions on where I might get a loan for around 15-16000 for the purchase of this home.  Looking for any and all suggestions.  The potential income for this property is right around 25000 annually.  Thanks for any and all input and suggestions.

[StartingOver10]

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@vtguy25 wrote:

Alright so I filed BK last year so it has been right around 13 months since filing and I have had a great start to rebuilding.  There is a investment property opportunity in a town near mine that the house is only $14,900 for a 4000 square foot 3 unit home that I would love to purchase to rent out.  Yes it does need some work but nothing that I can't handle or have access to people that can help also.  So my problem is that I do not have $14,900 in the bank I didn't know if anyone had some suggestions on where I might get a loan for around 15-16000 for the purchase of this home.  Looking for any and all suggestions.  The potential income for this property is right around 25000 annually.  Thanks for any and all input and suggestions.

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Two things: 1) Private lenders and 2) you will need enough funds to do the fix up. Caution: don't do it without pulling permits it will destroy the value you have built up in the property if you fix it up without pulling proper building permits.

You can check various investment clubs in your area to get access to private lenders.

You can call local portfolio lenders.

Most likely you end up with a 'hard money' lender. Maximum LTV is usually 65% to 70%. Hard money lenders don't care so much about your credit as they do the collateral.

[vtguy25]

Thanks for the response do you happen to know names of these hard money lenders?? I am trying to do reasearch and finding some place like this.  I do know one man that lives in my town that does some private lending I have dealt with him years ago when he used to sell cars I may reach out to him.  I'm thinking I maybe able to get the purchase price and some money to do some repairs.  By the sounds of it the only repairs that have to be made are some porches but I think those can be taken down and not replaced.  But again thank you for the response and information.

[StartingOver10]

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@vtguy25 wrote:

Thanks for the response do you happen to know names of these hard money lenders?? I am trying to do reasearch and finding some place like this.  I do know one man that lives in my town that does some private lending I have dealt with him years ago when he used to sell cars I may reach out to him.  I'm thinking I maybe able to get the purchase price and some money to do some repairs.  By the sounds of it the only repairs that have to be made are some porches but I think those can be taken down and not replaced.  But again thank you for the response and information.

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This is actually how most people find 'hard money' - a friend of a friend type deal.  It is primarily a referral type network thing - some mortgage companies have access to hard money but they are still just private people and then if you go through the mortgage co, you have to end up paying more fees. You are better off finding them through the investment clubs that I mentioned before.