Clay Sparkman
In this year of 2015, it seems that finding funds for rental property purchase and holding can be a bit challenging–perhaps more so than in past years.
This recent article by Corey Dutton discusses the issue, and suggests that hard money may be a good route to go in certain cases.
I happen to agree with that point of view. However, keep in mind that most hard money is short-term (1-3 years), so it may be a good way to pick up properties quickly, and it may be a good short-term holding strategy (that is, until cheaper bank money can be obtained *or* until a property can be sold after a short-term hold, but it is not a good long term option, in most cases.
Private money is also a good way to pick up distressed properties, rehab them, rent them out, and then seek take-out funding from a bank. (This is something that we specialize in and our quite comfortable pursuing.)
We like rental properties in general, whether they be SFRs, MFRs, or commercial properties, so keep us in mind if you are thinking about going this route.
– Clay (clay@privatemoneysource.com, 503-476-2909)
Clay is Vice President of Fairfield Financial, a primary source for private money since 1964. Fairfield is currently targeting loans in OR, WA, AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX. To submit a loan to Fairfield for consideration: http://www.privatemoneysource.com/loanproposal.php
Tags: Commercial loans, hard money borrowing, hard money brokering, hard money loans, private money borrowing, private money brokering, private money loans
