I`m on the verge of getting into `re-habs` myself. I learned only a few days ago of the existence of `hard money` lenders. You can do a google search for them. Since the market for selling houses is not great at the moment, the idea for me; is to rent/lease the property when it`s rehabbed. Since `hard money` lending is short-term, I`m at the stage of verifying the availability of `soft money` lenders when the time comes to pay off the hard money lenders, i.e. conventional mortgages...am not willing to put all that time & effort into rehab-ing a property just to turn it over to the hard money people when the due date comes. FYI-`hard money` is not hard to get, but rather is available for projects when `soft money` is hard to get...they get higher interest/points & is short term, but you just have to factor those costs into your numbers to make sure the equation is economicly viable. Hope this option will help!
Wizarddz "Honey-Do" Crew
Wizardd12/12/2007 6:10 AM