Hello Everyone,
I am working on negotiating a super deal with the bank I just got a message saying they have accepted my offer but want me to get a pre-approval letter from any other bank just in case my hard money deal doesn't go thru. What do I do at this point please? I can't get pre-approved for the loan because this is my first deal and being a real estate investor that means am self- employed so they don't count that. In other words I have the credit (I hope) but not the income. This is a great deal, The deal is here in Oregon it's a 4 bedroom 3bathroom with 12ft ceilings thru out the house built in 2001 on a good size flag lot. Getting it for $219k rehab $25k ARV is $375k.
I need all the advice I can get please, thanks in advance.
IMPORTANT ASSISTANCE PLEASE!!!!!!!!!!!
October 7th, 2011 | posted by Erathel
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erathel
are u planning to assign the deal? what are your plans?
transaction funding + POF letter and back to back closing
Hello Reinvestor42, I am not
Hello Reinvestor42, I am not planning to assign the deal. The plan is to rehab it then sell.
You might try going to
You might try going to insiderscash.com They may be able to give you the proof the bank needs. Good luck, I am also in Oregon.
123gomoney, Thanks for the
123gomoney,
Thanks for the info although the site you sent me seem to be mostly for back to back/double closing and that's not what am looking at doing with this deal. But thanks a lot for the referral I really appreciate it. You mentioned you are in Oregon as well, would you like to hookup/network and do some deals together sometime? If so, what's your business? Wholesaling, rehabbing or rent to own? Also do you know of any hard money lenders around? Thanks!!!!!!!!!
Hard money lenders
I belong to an investment club called the NW Real Estate Investment Association. They are a great resource for hard money lenders. You can go to their website and look at their directory to find lenders. They meet all over the Portland area and Vancouver. I am in Wilsonville so I generally go to the Tigard meeting. I am new to investing and am working on building my buyers list and then plan to do assignements in the beginning then move on to buy and hold and rehabbing. I am open to partnering with you if the deal makes sense or just comparing notes on Oregon real estate. Where are you in Oregon?
We live in the Portland
We live in the Portland area. We are looking to partner with someone who can fund our deal. We currently have a place under contract but only lack the funds. Thanks for the info about the NW Real Estate Investment Association. We've been meaning to join but due to some family stuff we haven't been able to.
NW REIA
Just went to the meeting last night and there were several people there who are willing to lend money. Also several willing to take assignments. Im not in a position to fund any deals yet. You can go to any of the groups for 10.00 and join later. You could at least talk to some people there who I think could help. It really is a great recource. Good luck
Erathel
Try dohardmoney. They might be able to help you with a HML.
Steve.
Hello steve and veronica, I
Hello steve and veronica,
I am hoping they will be able to help, their customer service sucks. I've been trying to reach them for two weeks now but no luck. My hubby managed to chat with someone on their site and they told him someone was going to contact us. We've been waiting forever. We are looking at doing their partner with a pro package but no one seems to be talking and we are running out of time. But we are still hopeful.