Greetings! As you can see my name is Jeffrey. If you have looked at the profile provided, you can easily see that I am not terribly well-educated [regarding academia] and am not wealthy [as some would measure wealth in a strictly financial sense]. I am blessed with a wife, a home, three kids, three dogs, two cars, and a whole lot of debt. In short, I am an average “Joe” and, as they say in this “neck of the woods”, I am money poor.
About a month ago my wife’s older [and only] brother, Terry, came to visit us from NY. During his visit of a few days we talked about many things. After three days he left for FL. About a week later [as planned], he visited again on his way back to NY. He stayed for a few days and we talked about many things… again.
A few days later Terry called me from NY saying, “I was watching a program on TV [late last night] about real estate that looks interesting. I ordered the package and had it sent to you so you can look into it.” Imagine my surprise [and my inward laughter].
Well, the package came. I spent about thirty minutes looking over the brochures. I then watched the DVD with my wife, Cathy. That night I started reading the book. By page twenty-five I was checking out web sites and even created a log-in to this site under TerryWinters since he sent me the package.
By page sixty I had done the [market] analysis and started searching for “test” properties. I immediately found one that is a bit distressed and close to me as well as several other [foreclosure] properties that I would love to make offers on. So I called Terry last week and told him that the book reads pretty much like a “How to” manual, that the strategies are laid out in plain language, and that it would appear to be a sound program. I told him also I had located a few properties and that I was moving forward with trying to get investors since I have zero money, am currently unemployed, and severely leveraged.
Once I purchase my first property using someone else’s money then I will truly have made this a “no-money-down” venture since the very program that got me started was given to me as a gift!
Jeffrey Morlock
(508)944-6312
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
Financing Foreclosures
HOW DO YOU FINANCE A FORECLOSURE?
You might be surprised to know that there are several sources of investment capital available for funding foreclosure deals. These sources fall into four main categories: conventional financing, partners, lines of credit, and hard money lenders. You can obtain conventional financing from any number of commercial banks and mortgage companies. This type of source can be very cost effective, providing you have good credit.
Partners are individuals, including friends, relatives, and other investors, who would be interesting in providing some or all of the money for a percentage of the profits. Members of this group (Money Poor) or most of us, don't have this option available.
You can advertise by word of mouth, via the Internet, or in local newspapers.
You can use existing lines of credit (or credit cards) to fund your deals. You can also use hard money lenders who are in the business of providing loans for real estate deals. Both of these sources require you to make monthly payments on the loan until you sell the property and pay off the balance. Check local sources, including the newspapers, for ads from hard money lenders.
Many buyers of foreclosed properties also use conventional financing to fund their purchase. Conventional financing sources would be the same sources you would use if you were buying a non-foreclosure property; try your local bank or mortgage broker, both of these sources should have competitive rates and terms.
For this forum, the options I am looking at are conventional and hard money lenders.
investers
Hi jeffery, I too am just starting out but i found this site on "Deans classified"ads.
check it out. www.****.com/?id=tedeliz
hope it helps.
Same boat- different times
We are reading your comments months later.
We are having the same concerns in November as you have had in May. How has it resolved itself? Do you have 'tips' for us to find hard money lenders?
need money
Does anyone know of a lender that will lend to a real estate investor with more than 4 properties. No one will even talk to me.
Alaskan Success,Inc
here to network with other investors in all states,email me for more details, please..
thank you
Alaskan Success,Inc
try here investors
http://activerain.com/blogsview/1388654/560-fico-program-
I have found that the biggest problem for me
It isn't hard to get financing if you are buying as a primary residence even if you own other properties. If it isn't your primary then they immediately call it commercial and go to that 70% LTV formula. I am stuck right now because the most recent house I bought (as a residence again) was just discovered to have Chinese drywall. I have been in this place over a year and could now rent it and buy another primary residence, but I can't move out because I cannot knowingly rent this place with that drywall. RRRRRR!. I am kinda stuck waiting for attorneys to tell me my future here. I am dying to buy a duplex in FL, but have not figured out yet how to get it financed. I am trying to rollover into a self directed IRA that allows real estate investment. I have a few dollars there. I need ideas.
Kim