By
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and Samuel J. Tamkin
Q: There are so many scammers out here. Would you be able to recommend a hard money/rehab lender in the Chicago area? I’m a pilot full time with some cash and excellent credit.
A: We don’t recommend individual lenders, particularly not hard money lenders. It’s super-tough to make money in real estate if you are trying to pay back a loan at 18 to 30 percent interest.
If you have a good job, maintain excellent credit, and have some cash to spend, you ought to be able to find a conventional lender. You should be their ideal borrower.
If you’re buying single-family or up to 4-unit properties, you should speak with several lenders, credit score in hand, and ask them if they offer a program that you can qualify for. If not, look for a property owned without a mortgage and try to negotiate to have the owner take back a loan. Your real estate agent ought to be able to help guide you.
If you’re buying a commercial, warehouse or industrial property, the owners of those typically do full or partial loans to buyers since it is so difficult to borrow large sums without what the banks would deem a sufficient down payment. Again, work with a knowledgeable real estate agent who helps buyers with your profile and budget.
Good luck.
(
is the creator of an 18-part webinar and ebook series called “
: How to be wildly successful in real estate,” as well as the author of many books on real estate. She also hosts the “Real Estate Minute,” on her YouTube.com/expertrealestatetips channel. If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. Contact Ilyce and Sam through her
,
.)
(c) 2014 ILYCE R. GLINK AND SAMUEL J. TAMKIN. DISTRIBUTED BY TRIBUNE CONTENT AGENCY, LLC.
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