OfflineOk Guys,
We all know the situation the market is in today and we can visually see how it is affecting real estate, and has been, for a while now.
Well I am hearing on www.deangraziosi.com, a whole lot of people asking about how they will get financing if the banks are not lending.
Well the fact is....they ARE lending. But since most of us do not have great credit, perhaps we should start canvassing those out their with private money to spend. In my area (Los Angeles) I am seeing a lot more ads in the papers and on websites for PRIVATE investors with their own money, looking for great deals and smart places to put their money.
So instead of waiting for them to FIND YOU - why dont you become the aggressor and canvass for them. Place ads on craigslist, reiclub, facebook, myspace, backpage and others.
Use email balst and things like adworks, ASK.com, yahoo answers, etc....JUST GET YOURSELF OUT THERE.
We are seeing people pull their money out of the market at an alarming rate so why not give them somethig solid to invest in - REAL ESTATE!!!
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
What are the qualifications for private lending? How does it work. believe me I have no problem going to get the cash but before I do I need to understand what they base their lending on. If the banks are looking at credit, job history etc... what makes private lenders different?
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Hi
I have found that most private lenders are not looking at credit they are basing their decision off of the quality of the deal. Such as the FMV and what they can get it for 60% below FMV and lower. To them thats a solid deal especially if you plan to buy, fix and flip or even plan on doing assignment.
They pretty much just want to see a great return on their investment and another powerful way to reel in that PRIVTE MONEY is to do a marketing plan on the property before approaching about money. See my post on MARKETING PLANS
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Make sure if you advertise for private lenders you check the SEC requirements for your area. It is not difficult to become SEC compliant, but if you are advertising for private lenders, the laws are changing all the time. You want to make sure to follow any laws so you do not get into trouble with the securities exchange commission!
Check with an attorney who is knowledgeable about SEC requirements.
Hi everyone i am very new to this industry, in fact i am still on my way to looking for my first deal...
i am also from Los Angeles area, i've found investors(or they have found me) looking for great deals all over the place but there are just not that many good discounted deals i can find. most REOs here that i have came across pretty much breaks even to what the market value is after rehab and closing fees... and prices here are so high investors will get so little in return from rental properties...what other ways to invest in real estate here in southern CA with no money?
and is assigning REOs here in Los Angeles not a good idea?
what are the best choices/options for me to do ?
i would really appreciate any help at all on what options i have to make it happen in LA
thanks everyone!
I too am in the SoCal slump; I decided to jump way out of my territory and buy out of state. I am still new to this type of investing, but LA has proven to be a pretty tough area right now. To get an REO in CA you need to be a little creative with assigning; you can't use the 'and/or' assigns, but you can use a land trust or LLC; you can do a search on the site for tons more info on that. We Will Succeed!
its really good to hear from someone around my area, i've been hearing a lot of negative things about RE investing in SOCAL, but i refuse to let it stop me from doing this..i know it gets really tricky here and a lot of things are different than what i've learned from the books.. thats why i'm also considering doing it in Vegas,NV.
have you done anything in Vegas before? are there a lot of NODs that banks put on hold and no buyers there to invest like what everyone else is saying right now?
and i tried doing researches on Land Trust, i couldnt really get a good understanding out of it, is it just another word for and/or assign? or is it something completely different?
thanks for your help, have a wonderful day!
I have tried that route on Myspace, as I am a firm believer in using social networking.
Social networking allows a person to meet people they don't know. This leads to networking opportunities. The thing about Myspace is that those on it just do not take business seriously.
I went to Google and put in Real Estate Social Networking Sites and came up with several good one's. I am feeling them out and will report here and list those I have had a positive response with, so others can get involved.
I don't personally invest in Las Vegas, but make sure to do good demographic research before investing in any area and make sure there is a market for renters or buyers in the area you choose.
Here is one of the links on land trusts. If you want to find more, do a search on this site, there are many resources right here. http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
It is completely different from and/or assign, but is a way to buy REOs here because they don't allow and/or assigns on REO contracts. You can also buy an REO home in an LLC name as well.