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cheers for that.
auctually didnt have to put up any money for option.
The house was for retail and the risk was somewhat limited.
But i gave the house back, because the payments to the seller were too high and figured that theres better deals out there anyway.
probably would have trouble with that one ,also the term was only two years which is too little and on top of all that the seller wasnt super motivated,hence such a short term.but no worrys mate, i talk to about 5 people a day that ring me off my signs and adds so the first deal cant be to far away!!!
goddamit!Thanks for the advice.
But surely theres people out there that would take high intrest rates to off set risk,or share part profits,or am i just crazy to think this?
As in if i found a property for 80,000 worth 100,000 for simple terms,wouldn this be more secure than me buying it at retail for 100,000 with 10% down,makin the risk for the lender still 90%.
am i missing something?
This is called hard money,which im positive youve heard of .Is this type of funding difiicult to find here?
cheersIm after money to do short sales with banks ,also i deal with people having mortgage problems that will sell to me at a discount also.
Discounted properties is basically what its all about,banks take too much time to get different deals done. The security for the lender would be that they can own the title and all i do is control the property for a certain amount of time ,if i default they have a property they can sell and make even more money.
This is comon practice in the US and im just wondering if any one does this over here,or is aware of it.
cheers
