Mr. Dweck who has been a lender and a real estate agent in South Florida for nearly twenty years brought us up to date with hard-money availability and guidelines. As he put it, the days of “if you can fog a mirror, you can get a loan” are gone. Hard money lenders are out there but investors need to have skin in the game. That’s not to say a loan for 100% of the purchase price might not be available for the right borrower on the right house in a stable or appreciating neighborhood. Even then an investor would be expected to fully fund the closing costs and the rehab costs. David also offered his observations of some areas to watch and avoid.
Alekxey Sabido of Miami Property Solutions was cornered after the meeting by many attendees wanting to know more about private financing. Alekxey and his partner, Eddie Miller, have built their Miami business around a group of folks who fund their deals. Eddie even gave away the forms he uses to present deals to the funders. Watch for more from Alekxey and Eddie. (Heck, I think they even bought a property that night from an attendee who had a deal but needed the money. See, just showing up can get you paid!)
And Pat Cray brought us the latest (as of 4.20.2011) in FHA guidelines. Boy, were lots of us surprised to learn the range credit scores that will get a buyer qualified. And misinformation about seasoning was corrected with Pat’s explanation of how an investor property can be resold if owned less than 90 days. We learned a lot. Pat is a licensed mortgage broker and that’s saying something these days. Their ranks have been regulated so much that only a few exist. Pat also made an offer to anyone trying to retail a property to use her free single property website marketing. It’s just another service that makes Pat unique. If you’d like a copy of Pat’s presentation, email us at [email protected] with Pat in the subject line.