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Hard Money Lenders Chicago

Thursday, September 2, 2010
posted by admin

Hard Money Lenders

Hard money lenders in Chicago in the past were the last ones to be considered when applying for a commercial loan. with a commercial hard money lender. However during the current mortgage meltdown hard money lenders are often the first place investors will search for financing.

COMMERCIAL Hard Money Lenders

If a real estate developer got stuck in a $10 million dollar development deal and planned to sell units to recover some of their investments from the project. However, delays in the sales date may occur or the project may exceed the budget. To avoid these circumstances, the developer will apply for bridge loan. With the traditional loan, the bank will not process the loan in four to six weeks. In this case, a hard money lender can offer loan immediately.

REHAB Hard Money Lenders

Rehab investor who wants to apply for a loan to renovate foreclosed homes that are vacant or unoccupied by, banks will turn down the loan application because they can’t verify that the rehabber can sell the units or the current occupants can’t pay the mortgage. Hard money lenders are willing to finance this kind of projects.

FLIPPING PROPERTY

Investors who found a property of great value may need quick and secure financing to buy, renovate and sell the property immediately. These needs can be catered by hard money lenders. Loans can be prearranged with interests only so that expenses can’t get high. After the property is sold, the principal amount can be paid back and the profit can be set aside for the next project.

BORROWERS IN FORECLOSURE

Homeowners that have problems related to foreclosure can also seek help from hard money lenders. Hard money lenders can offer restructure of the current loan, unlike other lenders. However, they charge higher rates and they require the borrowers to have collateral of at least 25-30% equity in real estate.

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I bought a 2 unit for $25,000!

Thursday, July 29, 2010
posted by admin
Chicago 2 unit purchased for $25,000.
In 1986, yes that was what I paid for my 1st 2 unit in the back of the yards neighborhood in Chicago.
It was an estate property and I inherited all the furnishings in the house which I threw out the
2 back doors. The neighbors were all coming buy and taking the dressers and furniture and even the tub. The
tub was the old school cast iron tub on footstels.
I guess all that stuff was pretty valuable!
One mans junk is another persons Treasure!
It would not be the last time I threw out 30 years worth of someones collections…
Here is the Crazy part,,,, I can now buy that property for the same price that I paid 24 years ago!!!!!
Who says real estate never goes down?
Real estate has proven to me to be cyclical as commodities, metals, or the stock market!!!!
My friends,,,can it go any lower?
I do not have a crystal ball, but my guess is we are near the bttom?
What do you think?
Let me know your thoughts?
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What would you do with 1 million in cash?

Thursday, July 8, 2010
posted by admin
What would still invest in Real Estate if you received
1 million in cash tomorrow?
I wonder how having 1 million in the bank would change
your perspective?
Would you still buy the same types of properties? In the
same neighborhoods? Would you look for bigger deals to
earn bigger profits. While taking on more risk?
Would you become the money lender and stop being the
landlord? fixing broken pipes, cleaning empty apartments.
Would you park it in CD’s certificates of depreciation, but
safe?
I bet everyone has a different answer?
Who is richer? the person with 10 million or
the person with 10 kids?
I am in the process of writing a book and I ask myself alot of
questions that can help make my book more interesting.
If you want to tell me what you would do with your million?
add your comments below.
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How do you find real estate deals and leads?

Tuesday, May 11, 2010
posted by admin
Dear Friend,
Almost every business must produce new leads and new clients to survive!
Where do you get your leads?
Networking? Newspapers? Craigslist? Realtors?
Do you have an automated system that brings you fresh new prospects every week? If not, when do you plan on creating a system to bring your business new new leads?
The market has changed dramatically! I used to get all my leads the old school methods I mentioned above until last year.
But last year I started a Video Web Marketing business with a friend called
I knew very little about web marketing and my original website www.ChicagoRehabLoans.com was online for 4 years as a 3 page old brochure that was very dated,did not get found on the web and nobody called for a loan.
That changed dramatically in May 2009 when I updated the website to a blog and added video and new articles each month.The web site now receives over 400+ unique new visitors each month. We also added an apply here section,
frequently asked questions, 800#, resources and programs section.
We now get more loan requests in one month then we used to receive in a year!
The cool thing is that it takes only a couple hours each month to add content and enhance. It also answers a lot of the repetitive questions that I would get everyday and allows me more time to spend closing loans!
If you are interested in learning how you can get your own website that gets top 1st page Google listings  for over a dozen keywords that my competition pays Google over $10 per click?
Visit my blog that exposes web marketing and is dedicated to bringing people online to web marketing.
Success Always,,
Daniel
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Do’s and Don’ts of Private Hard Money Lenders

Wednesday, March 17, 2010
posted by admin

When you search the internet, you’ll find a lot of resources about private hard money lenders. You may need to click dozens of links in order to answer the questions in your head. This article will provide a capsulized information that can help you deal with private hard money lenders.

Usually, private lenders need the following lending criteria:
a. An estimated 65% to 75% of the property’s value
b. No income or credit checks
c. Money is released immediately
d. Higher interest rates

Don’ts
1. Call the private lenders to borrow more money if you already exceeded the 75% value of your property.
2. Pay upfront fees because fees are normally paid at closing.
3. Relay false statements about your current situation because they are just observing your credibility.

Do’s
1. Look around for the most honest lender with lowest fee.
2. Request for the fee breakdown. The typical fees include: loan origination fee, notary fee, and evaluation fee.
3. Inquire about the lending terms and conditions.
4. Check the lender’s prepayment penalties.

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