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I am looking for a hard money loan to get started in Real Estate Investment. The first property would be a foreclosure with plans to rehab and sell this summer. The loan terms would be short, around 6-10 months. We can determine the ROI but I am willing to pay in the double digits.
I would like the loan to be a one time payment balloon due at the end of the term or sooner. If that is not feasible, we can work out diffrent terms that would suite you.
The current property in mind would be purchased for around 20K - 25K. With rehab cost being around 10K-15K.
Comparables in the area suggest that with the interior updated, it can be placed on market for 90K. Selling target would be offers from 65K - 90K. around 70% of the FMV. This a nicer neighborhood with only a mile or so from lake Michigan and beaches.
Total amount I am looking for to complete investment deal is 35K - 45K.
Please contact me with offers or questions. Thank you!
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For Sale: $2,900