Home Buying in Houston>Question Details

Bill Polack, Real Estate Pro in Atlanta, GA

Where can I find a Realtor in Houston TX that is comfortable with hard money lending?

Asked by Bill Polack, Atlanta, GA Tue Dec 4, 2012

I already have a lender. Most everything will be done via internet communication, so you won't have to worry about burning gas in your car (LOL). I'll be in Houston next week to look at the list of houses. Move in Date is January to February.

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Finding a realtor/broker who understands creative financing will only be a small part of the battle..the real problem will be finding houses available at 60% to 80% of value. Houston has investors too and homes like that rarely hit the market, and when they do these houses draw multiple cash offers and go under contract within hours, not days.
1 vote Thank Flag Link Wed Dec 5, 2012
I'll throw a wrench in the equation. I'm going to do my own loan, however, due to the change in the industry, my credit is such that I don't have to worry about identity theft. I've got 2 ways to do this. 1) Have my investor buy the house for me. In order to do this, I have to be able to get the house at or below 60 cents on the dollar. 2) Find a re-sale from a person (not short sale or pre-foreclosure) that is willing to sell the house at 80% of it's value. However, the contract price has to be at it's full value. Ex: Value is 150k. Sales price is $120k. Contract to be written at $150,000, however, seller will only receive $120,000. The equity will be my down payment. More equity, the better. There may be a tax hit to the seller, so they need to be outside of the capital gains cutoff time frame (no flips).
Step 1 takes about 3 weeks to close. Step 2 takes about 30 days to close. I choose my appraiser (or one recommended by you) or a BPO can be used.
1 vote Thank Flag Link Tue Dec 4, 2012
No hard money lender is going to do this deal. They usually lend 70% based on ARV. YOu can find these houses in Houston, but you need someone to do it
Flag Wed Dec 5, 2012
Bill,

I can help you with that. Let me know when you are coming in town and we can meet and show you the houses. I work for a real estate company that has a list of properties for investors that may just fit your criteria and I am their listing agent/investor friendly real estate agent who also has experience with hard money so contact me anytime.

Take care,

Maira Rondan
maira@whitepicketrealty.com
281-701-0766
1 vote Thank Flag Link Tue Dec 4, 2012
I am confident in saying that Paige will do the same for all who use her service. She comes prepared with numbers, statistics, and valuable insight of the real-estate world given any type of circumstance in the volatile market of today. I would not do business with anyone else. Sadly, we had to move to another city, and we have yet to find any realtor as talented as Paige.
0 votes Thank Flag Link Thu Dec 27, 2012
Thank you Linda for your response. This is the part the Realtor must feel comfortable with hard money. I never said the Realtor would have to lie. All information is fully disclosed. The lender is aware that a gift of equity is given by the seller to the buyer. The lender does not care where the down payment comes from as long as there is equity in the house.
0 votes Thank Flag Link Wed Dec 5, 2012
The hard money loan is not a problem but when you start asking a Realtor to out right lie on a contract that is another matter. Now you are fooling with their license and profession.

It all a game from the book!
0 votes Thank Flag Link Wed Dec 5, 2012
Bill there are many Realtors in Houston that can work with you. I work with a very large Company, Keller Williams Metropolitan and as such have access to many listings. If you are interested in contacting me please e-mail me at gail.levin@kw.com and I also work with a partner so one of us is always available. Let me know when you will be in Houston, the area you are looking for and most important, the price range. Take care.
0 votes Thank Flag Link Tue Dec 4, 2012
There is only place like Texas. When you choose a realtor, make sure that they understand how to make offers on houses. Unfortunately many realtors don't understand the process and are only concerned about their commission. I personally don't want to do just one deal with you, but many.
Dane
0 votes Thank Flag Link Tue Dec 4, 2012
Gotta love Texas hospitality. Thanks everyone for your inputs.
0 votes Thank Flag Link Tue Dec 4, 2012
We at Codemark Financial are also licensed Realtors and we are comfortable with hard money. If you are interviewing Realtors please keep us in mind! Thanks!


Anna Maria Durr, NMLS 266699, TREC 596662, Codemark Financial
2626 Richmond Ave., Houston, Texas 77098, 281-592-0667
anna@codemarkfinancial.com
0 votes Thank Flag Link Tue Dec 4, 2012
Bill,

Not sure what area of town you will be looking in, but let me know and I'll be happy to help. I specialize in the Clear Lake area (south Houston) but have agents in other areas of Houston. As a CPA, assuming these are investment properties, I may be able to answer some investment related questions.

James Brockway
jbrockway@brockwayrealty.com
281.684.6482
0 votes Thank Flag Link Tue Dec 4, 2012
I'm not sure if any Realtors will have an issue with the type of financing you have obtained. Hard money is one of the easiest to close. I have a great buyer's agent, Randy Canales, that may be of assistance to you. Randy@PGRsells.com or 281-844-1868
0 votes Thank Flag Link Tue Dec 4, 2012
I worked with Jet Lending and understand the ins and outs of buying with hard money. I also have a good list of investors that have house for sale. give me a shout and let's get it done.

Dane Bigner
RE/MAX West Houston
281 723 1369
0 votes Thank Flag Link Tue Dec 4, 2012
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