Karen Roberts's Blog – June 2009 Archive (6)

Here is another interesting article from Steve Cook



Pre-Qualification Letters: Why Do I Need Them, How Do I Get One, and What Should It Say?

by Steve Cook



Pre-Qualification letters are not absolutely necessary, but if you want to pursue bank owned and HUD homes they are a necessity if you don’t have provable cash. A pre-qualification letter from a lender let’s the seller in your real estate… Continue

Another interesting article from Steve Cook - Profiting from your Hard Money Lenders



Having a good hard money lender will help you to become more profitable. You will be able to take advantage of deals when they come available. You will be able to act quickly if need be. You will be able to obtain a pre-qualification letter from your lender to give yourself more credibility when making offers, and finally, you will… Continue

Here is another interesting article by Steve Cook "What Exactly is a Hard Money Lender Anyway?"



Private or "hard money" lenders are private individuals with surplus money available for investment. Some have deep pockets while some have limited resources. Based upon their own personal criteria, they lend this surplus money, primarily on a short-term basis, to real estate investors who use it for a variety of… Continue

Here is an interesting article by Rob Barney "New Realities for Hard Money Borrowers"



It used to be, just 9 months ago, that any rehabber with a pulse that could find a house to purchase for a price of 70% of the After Repaired Value (ARV) including the cost of repairs, could find financing with a Hard Money Lender (HML). As many of you well know, that is no longer the case. HMLs are now looking at the strength of the… Continue

Why Private Money by Alan Cowgill



This topic is near and dear to my heart. When I started my RE career, I heard about the necessity of finding private lenders. In fact I even found two. But then I stopped. For four years I PROCRASTINATED. I didn't get it!!! For four years I continued to go to banks and jump through their hoops. I also had used hard money lenders, but found them VERY expensive.



It wasn't until… Continue

Two Major Benefits of Having Private Lenders by Alan Cowgill



I started my business by using banks, savings, credit cards, lines of credit, creative techniques with sellers (like land contracts or lease/options), and partners. But, once I was self-employed, I was concerned that it was going to be harder to get loans to purchase properties.



I had always been unhappy about how long the banks take to get the job… Continue