Home » Real Estate Forums » Real Estate Investing » Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

i found a deal

Posted on: Mon, 03/29/2010 - 17:41
i found a deal

so i just found a house thats an reo thats selling for 26,500 and it dropped 3,000 since last week i just called the agent and he said its priced to sell the bank wants it gone. the house is nice its a 3bd 2ba 1800sq ft house. and its in a growing neighborhood. by that i mean they just built a federal prison there and people are gonna be moving to that area for a job. the agent said the only thing shying people away from the place is that the bedrooms are in like a basement and then theres another basement under that. but it doesnt need much rehab. the guy said i would have to pre qualify for a loan first but i wont get a loan. especially since i just got laid off and i need a job for a loan anyway. so i would have to get it another way. so what does everyone think?

__________________


Posted on: Mon, 03/29/2010 - 18:00 #1
You can either get a credit

You can either get a credit partner, use a HML to buy, fix and sell it and split the profits. or get a proof of funds letter to get your offer in and sell to a buyer off of your buyers list.
check the numbers and make sure it works. I wouldn't offer what they want unless its a steal and the ARV is alot higher. you have to do your due dillegence on it and find out whats the best way to go.
good luck
Richie.


Posted on: Mon, 03/29/2010 - 18:04 #2
money source

Go to www.badcredit-loans.us

its a source for up to 30k unsecured loan a friend of mine used it and got 30k


Posted on: Mon, 03/29/2010 - 21:06 #3
me too

I saw this "i found a deal" and thought me too. The thing is I dont know where to start to find the money cause its listed for 1.3 million most likly could get it for less. It is 80 townhome units all together kind of like apartments any ideals about where I should start with my money issue. Thanks so much everyone.


Posted on: Tue, 03/30/2010 - 00:05 #4
HML

Go to a hard money lender also they will true hard money lenders will fund 100% of the price. If you lock up the property below value...

talk to them to see what there criteria is for funding


Posted on: Tue, 03/30/2010 - 02:12 #5
even with poor credit

even with poor credit?


Posted on: Wed, 03/31/2010 - 06:22 #6
yes

Yes Hard money Lenders Wont look at credit. All will like to see your credit report but arent fico driven..


Posted on: Fri, 11/19/2010 - 06:42 #7
I will keep in mind

Thanks for the info I will have to bookmark this.

__________________

James Brogan