I have totally rehabbed three single family homes and have had them fully rented for over the past four years with no vacancies. My problem is that I got this deal going with hard money at 18%. I have not been able to cash out conventionally with the way the real estate vs. banking evolved. My problem is that I am still paying 18% on an interest only note and make no profit at all.
In an ideal world, I would like to get a P&I note put in place but certainly I would like to get a much lower interest note put in place. In total, the amount I am paying on is $145K. The houses could appraise at $65K each.
I would gladly open my books to show you the deeds and tax returns if necessary Please let me know if you can offer an arrangement for me to move on.
George email: email@example.com
Jeffrey B. Freis, President
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