Flipping Beach Houses

We were recently at the beach, Salvo, NC to be more specific, and talked with Eddie of Sun Realty about the proposition of buying some real estate at the beach. Lizzie and I got lots of info from Eddie,  but at the current time we are not going to be investing in a piece of property at the beach.

Eddie’s advice, which was very doable,  was that we look at building a new beach house, because in ten years when we would be ready to retire, if we had purchased an older property,  it would be really really old by time we were ready to retire. Who want to retire to a house that needs to be fixed up.

	While were there we noticed quite a few distressed properties that might make decent prospects for flipping. This property is a house that Lizzie actually rented several years ago.
Here is a darker house that was actually for sale while were down in Salvo, NC. It is on the beach side of rt 12 across from Wind Over Waves, which is the community that our beach house was located.
	Our remarkable Salvo Rental that we were upgraded to. We originally were scheduled for a place similar to the two above, but due to a scheduling conflict we were upgraded to this sound side property.

Check out all of my OBX Pictures and my Real Estate photo sets.

If you are in the market for some beach property, check out Eddie and Sun Realty and see if they can help you out. Who knows, maybe if we find some private money to invest with us, maybe you will see us down in Salvo enjoying the beach.

Private Money Info

I am a little clearer on the definition about “private money” since I first started this blog. Private money is a still considered a type of hard money. However, a hard money loan that is made with “private money” is money that is loaned out to a person who would like to buy a piece of real estate as a hard money loan, but not made by a financial organization such as a mortgage company or a bank. There are people or groups of investors out there that look for situations to invest their funds in order to get a nice return on their investment. A private hard money lender, as with a hard money loan that is made from a financial organization, will also have conditions for repayment of the loan.

So I am out jogging one fine day on a street in my neighborhood or an nearby neighborhood, when I notice a guy put out a for sale sign on a piece of property that is a bit run down, and not looking quite as nice as the other houses in the neighborhood. So I stop and talk with the guy, whose name is Bob. Bob has to sell it really quick due to some extenuating circumstances. This would be a perfect opportunity for someone who would like to purchase a house to do a little cosmetic work and then flip the house as a real estate investment.

I am not an established real estate investor and do not have an established line of credit for Hard Money loans, so where do I go? Finding a private money investor who is willing to do a hard money loan would be my goal. Where do I go? The best place I could think to connect with to gain access to a private hard money lender would be the site Rehabhardmoney.com , which is a site that not only has “information for those seeking a hard money loan”, but it also has “information for those interested in becoming a hard money lender”. This site is the sister site for the webs premier flipping houses information site Rehablist.com, which has been dealing with hard money lenders for well over a decade.

Apparently the first hard money loan is the “hardest” to get and may take a little more time once established. A loan can be made once pre-qualified in as short as two days, but up to 7 days. Subsequent hard money loans would then have a shorter approval time because of a pre-established lending relationship that is established with the first loan.

Visit the above sites for more information about getting a private hard money loan. If you know of any other sites that deal with privat money loans or if my private money information needs adjusting, please leave a comment.

Private Money

What is Private Money? What does it have to do with Hard Money? Is private money a type of loan that is recieved from a private investor, using property as collateral? Or is private money just another word for name for “hard money”? I was looking for an exact definition as to what private money is, and the sites that I came across wanted me to sign up for a lesson on how to get private money. I also gathered that it is a way to invest in real estate without having any of your own money. Sounds interesting. Private money will be a subject of further exploration.

I just found a definition that said that hard money loans are loans that are privately placed instead of institutionally placed. I am still a bit confused about Private Money.