Quote:
Originally Posted by epitome
It's best to not talk about things you do not understand.
I sold to these guys for years and introduced them to the private lenders. Nobody laughed.
Some HML's will eliminate points and drops a few % on repeat, established guys, but its surprising how many don't even ask for that special treatment.
(I was an REO agent in prior life)
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And the guys who actually know how to put the work into finding deals that juicy AND get the work done right and in a timely manner... they are just everywhere, right? I'm not buying that... most people who want to "flip properties" think that they can pay 70 and spend 10 on rehab work because a house down the street is selling for 100
I am not going to argue that hard money will EVER be inexpensive - but I find it difficult to believe that the guys with the talent to come in at 60 of FMV consistently are paying points and close to twenty
I would like to do some flips, but even a HML won't touch me with a borrowed dick made of fools gold... it is too bad, too, because I would be one with the sense to get bleedingly recent comps and put the work into finding deals where I could come in well under sixty (including purchase+rehab)
So yeah I can imagine a lot of guys like me would be willing to pay quite a bit.. I'd pay whatever percentage I had to, honestly, but I couldn't afford any points or service the loan while waiting for the sale