Answers (7)
- Dunes ..
- Contributions:3686
Here ya go Pastor..check out the Golden Rule
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- Pastor Osas Ben, "user03780041"
- Contributions:1
Hi,
[Promotion removed by Zillow moderator. Please see our Good Neighbor Policy.] I am a Pastor, a private lender, lending to businesses and individuals in a low and affordable interest rate of 2%.
[Promotion removed by Zillow moderator. Please see our Good Neighbor Policy.]
Thanks and God bless you,
Pastor Osas Ben
[Promotion removed by Zillow moderator. Please see our Good Neighbor Policy.] I am a Pastor, a private lender, lending to businesses and individuals in a low and affordable interest rate of 2%.
[Promotion removed by Zillow moderator. Please see our Good Neighbor Policy.]
Thanks and God bless you,
Pastor Osas Ben
- ensignavenger
- Contributions:5
@ConnieK, Thanks for the advice- I have looked at all sorts of homes. I have multiple friends who are contractors and are providing estimates on repairs. Obviously anything- even a brand new home, can end up costing more down the road as things are discovered.
If I could revise my question, I would say a "higher" interest rate. I have accepted it as a fact that any private lender will want a higher interest rate than the banks, because the banks can get Uncle Sam money, and Uncle Sam money is cheap. Unfortunately, Uncle Sam has decided that I am not one of the blessed few who can get one of his loans this year. Next year he tells me.
But paying a higher interest rate is still less expensive than renting in the current market.
If I could revise my question, I would say a "higher" interest rate. I have accepted it as a fact that any private lender will want a higher interest rate than the banks, because the banks can get Uncle Sam money, and Uncle Sam money is cheap. Unfortunately, Uncle Sam has decided that I am not one of the blessed few who can get one of his loans this year. Next year he tells me.
But paying a higher interest rate is still less expensive than renting in the current market.
- Connie Klemme
- Contributions:3347
good luck finding the investor they are harder to find these days but there are still private investors out there.
I just wanted to pose the question or encourage the thought that an REO might not really be as great of an investment as you might think. Not to discourage you from looking at REOs simply to encourage you not to limit your search for only those.
sometimes the cost of repairs are far greater than the cost of buying another home in better condition.
there are also FHA rehab loans- if you're going to go that route, you can get a loan that covers repairs and doing it this way the lender still requires an appraisal on the home and looks to determine that the home's appraised "repaired value" will match what you are borrowing.
the sentence that concerns me is " I am willing to pay a high interest rate..."
I'd like to suggest exercising caution when inviting people to see you as a target rather than a customer. Hopefully whoever you work with will not see you this way. Best of luck.
I just wanted to pose the question or encourage the thought that an REO might not really be as great of an investment as you might think. Not to discourage you from looking at REOs simply to encourage you not to limit your search for only those.
sometimes the cost of repairs are far greater than the cost of buying another home in better condition.
there are also FHA rehab loans- if you're going to go that route, you can get a loan that covers repairs and doing it this way the lender still requires an appraisal on the home and looks to determine that the home's appraised "repaired value" will match what you are borrowing.
the sentence that concerns me is " I am willing to pay a high interest rate..."
I'd like to suggest exercising caution when inviting people to see you as a target rather than a customer. Hopefully whoever you work with will not see you this way. Best of luck.
- ensignavenger
- Contributions:5
@Ryan, yes, I am looking for such an investor- can you put me in touch with someone?
@Justin- Not true- the investor could either hold deed and we could setup a contract for deed, or they could hold the mortgage just like a bank does. Or we could do a lease with an option to purchase or rent to own arrangement. The home won't lose any more value than what I can get it for now. Actually, it is a very low risk deal for any investor, and it would pay out a very high return for that limited risk.
@Justin- Not true- the investor could either hold deed and we could setup a contract for deed, or they could hold the mortgage just like a bank does. Or we could do a lease with an option to purchase or rent to own arrangement. The home won't lose any more value than what I can get it for now. Actually, it is a very low risk deal for any investor, and it would pay out a very high return for that limited risk.
- Ryan O'Donnell, "Ryan ODonnell"
- Contributions:23
There are investors out there that will work with and create the situation that ensignavenger is looking for with that very house even. These are called Rent-to-own and is probably a better solution for both the investor and ensign.
Never hurts to ask,
-Ryan
Never hurts to ask,
-Ryan
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:4280
You would be asking the investor to take 95% of the risk on a property in need of repair. Not a good investment regardless of the rate. If you are trying to purchase a property in need of repair with low down payment you should be seeking a 203k loan, not a private investor.
Anyone know a private investor willing to do a real estate loan for 25-30,000 in Springfield MO?
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