I finally connected with the second hard money outfit I saw advertised in my local newspaper. It turns out, they've only money for commercial real estate. They will go 75% loan-to-value (LTV) on buildings and 50% LTV on land. In Santa Clara County, commercial vacancies are near 50% (the city of Sunnyvale has the highest commercial vacancy rate at 52%). I'll keep my eyes open, but I think it will take a heavy dose of luck to find a property that someone is selling even though they are making money on it.
Like the HomePath Mortgage program, which is available to owner-occupants or investors, the HomePath Renovation Mortgage (owner-occupied only) also requires 3% down and 660 FICO score. So far, all of EWI's talk about hard money loans and imperfect credit loans through HomePath is just that--talk.
Having sampled the free wares of the snake oil salesmen, and having seen how many of them have moved on to other snake oil like affiliate marketing (internet marketers marketing internet marketing products by their internet marketing buddies to internet marketing newbies) I have resolved to waste no more time on them. There is money to be made out there, but not the way the mountebanks say it is.
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