A contractor / investor stumbles upon Secret Financing to pull down $50,000 Profit.
After exhausting his his friends and family for private finances, Tom, from California, was fed up and frustrated with the real estate game. He found a killer deal for $65,000. The property had an after repair value of $185,000 (36% FMV). Since Tom was a contractor, he knew that he would only have to put a budget of $20,000 into the property to make it SELL READY!
Tom's only problem was he only had $10,000 and the property was getting a lot of interest. He knew he had to write up the deal FAST or he would lose out. He put the property under contract and approached his friends and family to see if he could come up with the money for the property. Everyone he knew had already tied up their money so he was real concerned that he would not find another deal like the one he had under contract for a long time.
Standing in line waiting for his coffee at $tarbuck$,Tom overheard a conversation from a guy who was talking on the phone. "I was approved for the Rehab and Purchase Financing? SWEET!"
After getting his coffee, he approached the rude guy who was talking on the phone. The guy told him that he found a Secret Financing Program that is Nationwide. "They provide funding for Rehab and Purchase projects up to 65% of the After Repair Value. Since my credit was not real good, they still funded me because I had $10,000 cash on hand. Why don't you call Rob at 951-634-7270 of i Real Estate Advisors, I am sure he can help you with your project"
Tom did call Rob and learned that with providing some basic info, the estimated repair costs and an appraisal, he got the funding he needed to complete the project and rolled all the costs into the loan. After 4 months, he finished the project and netted over $50,000.
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