The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Friday, April 08, 2005

Hard money is in place.

I was surprised when my broker called me to say that a lender was able to satisfy my criteria.

I met with him, the lender and discussed a hard money loan for 11-12% interest. This is not bad since interest rates go from 10%-18%.

Imagine telling the seller, " I will pay CASH for your house and will close in 7 days!" That's power baby!!

There's no down payment, and because I am cross-colateralizing with one of my rentals, I can easily get 100% loans (including fixup and holding costs) for deals.

Because of my good credit and financial, they are very relaxed, so there won't be any issues with lending.
Its all setup, all I have to do start making offers. Unfortunately, one of the REO's that I looked at is off the market, or else I would have made an offer today.
|| Bginvestor, 6:40 PM


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