Private investor

[Angelina]

My husband and I are in the process of purchasing a condo in Florida and are looking for a private investor wanting to earn a 7% return on their money. We would be at a 90% LTV. Loan amount would be around $120,000.00. We can and do qualify with traditional lender, but we would prefer to avoid the PMI and several closing charges that we can side step with someone wanting to earn $8,400.00 a year on money as opposed to keeping in an account earning 4% if they are lucking. Would like interest only and would entertain a balloon note. Any ideas?

[Dan Auito]

I offer folks 24% Angelina so I doub't you'll get any takers at 7%. You may be sidestepping the additional closing charges but do they add up to $8,400!

[cjoseph]

Are you looking for more investors Dan?

[Dan Auito]

I really wasn't but if a deal or two comes up where I can put others money to work for them, then what the heck, sure why not.
I'll post details of any potential deals up on the boards here for those who would like to be a partner!:SM081:

[Maddog56]

Any ideas?

Any ideas? Double the return and offer a point or two up front? Seriously, though--Dan hit the nail on the head. Private investors are unlikely to offer long term money at market rates...at least I wouldn't. Four percent that I have immediate access to is better for me than seven percent tied up for who knows how long.

[SlumLordMike]

Don't nobody worry about financing. When I hit the powerball Wednesday night I will become the official MB hard money lender. Anyone who crosses their fingers for me gets a 1 point discount off the top. ;)

[Greely]

Good luck, Mike. Got my fingers crossed. I might could be one of those, but they tell me I got to spend a buck first, which ain't gonna happen.

[Dan Auito]

How about playing these winning numbers stud.

3,12,18,29,38,41, and 7 for the win! Good luck Deputy dog:icon_knab

[Debbie]

Don't nobody worry about financing. When I hit the powerball Wednesday night I will become the official MB hard money lender. Anyone who crosses their fingers for me gets a 1 point discount off the top. ;)

Hey Mike,

If you win, may I ask that you buy me a (Baskin Robbin's) double dip chocolate fudge ice cream on a sugar cone? That would just about the only thing I'd find delight in....:SM092:

[Bernie (FL)]

I have family in West "By God" Virginia that will throw a couple of bucks in for us when the jackpot gets up there. I believe it is now 135 mill with 62.3 if you take the cash option.

Sorry, but can't cross my fingers for you Slum Lord, my fingers have been spoken for :thumbup:

[Debbie]

Sorry, but can't cross my fingers for you Slum Lord, my fingers have been spoken for :thumbup:

Um,,my left ring finger is spoken for however, my right ring finger ain't!

P.S. - that's a good comeback Bernie!!!

[Greely]

Debbie, I put on 2 pounds just reading your post.

[Debbie]

Debbie, I put on 2 pounds just reading your post.

:xxrotflma You're too funny, my dear friend! :kiss:

[kevincrisp]

At a 90% LTV on a second home in Florida, I am sure that you can get a conventional loan that will meet your needs under 9%. The others are right, no hard money lender is going to loan you money that low when others will offer a higher rate of return. Unfortunately, In the world of finance that 7% is no deal.

[wayne g]

If you are still looking for private investers. I have been using a private L.L.C. for financing my sellers mostly. I say that because I dont actually buy the homes I just flip the paper. I know that may sound alittle confusing but never the less I do have investers that I can help you get in contact with if your still looking . Email - ouremailaddressis@yahoo.com or and call me after 4:30 pm est 727-232-0612 Hope this helps. My name is Wayne

[Greely]

Wayne, welcome to the family. Expound on that a little more how that works.

BTW, be careful about hanging around Debbie or Dan. One is always talking about ice cream with fudge, and Dan is on this cake kick. I have to go on a diet every time I read this site. Oh, and then we have Aldo, have you seen seen his Avatar lately. I leave for a week, and he does a total makeover. Thank God, he didn't do the drag queen thingy.

[Debbie]

BTW, be careful about hanging around Debbie or Dan. One is always talking about ice cream with fudge, and Dan is on this cake kick. I have to go on a diet every time I read this site. Oh, and then we have Aldo, have you seen seen his Avatar lately. I leave for a week, and he does a total makeover. Thank God, he didn't do the drag queen thingy.

Hey Dan and Aldo! We need to do something about Greely! It's our job to make him as eccentric as we are! :SM088: :SM101: