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In Illinois Now

September 12th, 2023 at 04:20 pm

I am in Illinois now.   Last night, I spent the night at my son's house.

I am not buying that little blue craftsman; it has foundation issues.

I have been seeing houses but haven't found one yet which will work.

I don't think I am going to find a house which I can currently pay cash for which will suit my needs. While a traditional mortgage is currently not an option, a hard money loan is.

You may recall that SB has previously lent money through an investor group for a hard money loan. The same group is willing to lend to me. I can borrow at 7%, with a 2% funding fee, for 2 years. At the end of 2 years, if I wish, I can roll it over for 2 more years with another 2% funding fee. This would allow me to buy a more expensive home right now, without a job.

I am going to explore this idea a bit more and see some more homes.

4 Responses to “In Illinois Now”

  1. LivingAlmostLarge Says:

    What funding group is that?

  2. rob62521 Says:

    Welcome to illinois! Hope you can find a house you like.

  3. Dido Says:

    Sorry the house didn't work out for you and good luck with the continued hunt.

  4. Petunia 100 Says:

    Hi Living Almost Large, This group is in California. It is a small group of private investors, some of whom are personal acquaintances of SB, which is how we know about them.

    Thank you, Rob. Smile

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