Griffs Journal

That is very exciting!!! Hopefully everything works out for you! It's always great to get the first deal under your belt!!

Congrats again!!
Shaun

I am just a few steps behind you in the process. One question though. How many offers did your broker offer? Do you shop with just one broker or go the bank route also?? Loads of luck to you and your family...Jan

I wish you all the best on your deal! It's really awesome to see you so excited. Lots of work, but it's worth it.

God bless,

Rina

P.S. Keep us posted on the progress.

Congratulations on your first accepted offer! We're so excited for you... Good luck and please keep us posted!!!

Jan,

My wife and I are realtors, so we have the ablility to make as many offers as we want. We ended up making 46 until we got one accepted.

Griff

Someone calm us down please!! We are 6 business days from the deadline the bank gave us to have a money commitment and guess what....we don't have one yet!

We thought we had this all ironed out but apparently not. Here's a little background: we had 3 different avenues of money lined up before we started making offers, all of which were aware of how we wanted to finance
(100% OPM) and assured us that they could make it happen: 2 mortgage brokers (one of which gave us a proof of funds letter)and one hard money lender. We've had the mortgage brokers working on finding money for our deal for about 2 weeks now and the push back they are getting from their lenders is that the lenders want "skin in the game" now. We are still working with our hard money lender (rehabfundin.com) but I don't have a "warm fuzzy" there either.

Any suggestions?

Is it possible to get 80% on the property and 20% from a HELOC? Do you know of anyone personally that will do a note with you now for a percent later? Can you take an unsecured loan on a credit card?
Or you could always look to assign the property. I know you hate to do that, but it might be better than losing it.
I don't know if any of these are good ideas. Just throwing them out there. I'm sure others will have some more. Hope it works out for you!!

God bless,

Rina

Are you talking about 80% and 20% line of credit on the investment property?
We actually do have 2 credit cards that are on reserve (in our safe) as back up in case our repairs ran over what we were able to borrow.

They are actually good ideas and I really appreciate your inputs.

Griff

I was actually thinking 80% on the purchase property and 20% HELOC on your own residence, or whatever might work. I have PMed you a list of ideas, too.

Wish you well,

Rina

Well, we got knocked down again. We thought we had a good shot getting financed through rehabfunding.com but "no dice". We submitted an application with them that they denied but said if we had submitted that same application 1 year ago it would have been accepted "no problem" but because of todays market they wouldn't be able to do it at that time. They said we were very close and if we had someone "strong" that we could add to the app. it would give us the push we needed. So, that's what we did. We convinced one of our family members to get added to our application, but to no avail. Unfortunately, we also paid to have them process our app. ($150 total) and have nothing to show for it.

I know it sound like I'm just grumbling, but there's a lesson to be learned here. My wife told me that she remembers in one of the lesson's that Dean said you should never pay to apply for money and apparently I just needed to learn the hard way! Please all, learn from my mistake.

The good news is, all of our avenues of financing aren't exhausted. As I said in the subject block, persistance makes perfect and we'll keep pushing forward. I fully anticipate that by this time next week, we will have good news that our deal is being financed.

I received your PM and wanted to extend my appreciation. I had blinders on for a while in regards to how I was thinking about financing and your message motivated me to think about other options. Thank you.

I feel your frustration. Seems to be a common feeling right now with borrowers. The lending pendulum has swung to the opposite extreme. Hopefully it will level out soon.

I just read this quote in a tele-class I was going back over today:

"Nothing in this world can take the place of persistence. Talent will not... Genius will not... Education will not... Persistence and determination alone are omnipotent. The slogan 'press on' has solved and always will solve the problems of the human race." Calvin Coolidge.

While I do not necessarily believe that is the answer to all the human race's problems (that will take something NOT of this world), it certainly is true in our ability to push ahead.

You, Griff, no doubt will MAKE this work.
I wish you all the best.

Sincerely,

Rina

Don't panic, try to stay calm and keep knocking on doors. One more NO brings you one step closer to that YES! Have you tried private lenders too? Just a thought. I know that your persistence will pay off.
God bless you,

Griff, not one said life was going to be easy. However, where there is life there is hope. I am sure we all had our share of challenges and disappointments. However, we should not let that keep us back, just dust ourself off and move on.

Sandra

Hi Griff,
Just read through your journal. Thanks for sharing, so that all of us can learn from you, and support you too. We can rejoice together in our victories, and empathize in our temporary setbacks. You seem like the type that will learn and press on to victory. Pas. Greg