I am normally one of the DG family members that learn so much from all the great comments that you all post. I have been moved to create a post. I have a fantastic pipeline set up for deals to close in henderson nv. I have this one deal in particular that is set to close tomorrow. It is a fantastic deal. The list price was 58k and we have it under contract at 37k! The comps in the area has the property at at ARV of 73k. It needs light rehab which is mostly cosmetic, and it would be ready for resale. I am dealing with a hard money lender in which I will not name, but they contacted me at the end of the day today, and informed me that we will not be able to close tomorrow. Needless to say I am a little disappointed because that is now leaving myself and my agent scrambling to extend the close. The funny thing about this was that they appeared to make things very easy on the front end relative to what some other hard money lenders were asking. But now it makes me wonder if they can even perform. I did due dilegence in regards to people in the industry knowing this firm, but I never spoke to anyone that closed with them. I have four other deals under contract and I wanted to have one place to go to fund all of my deals, needless to say that we have lost a little trust with them. So a word of advice is just to check the track record of these lenders, and chat with people who has actually done deals with them.
The Real Estate Rollercoaster