Offlinei have been to a few bnks lately to get financing for some deals i have found that i know will be profitable.as i sat down with a loan officer that i came to know i stated my intention of asking for a loan to buy a property that had a positive cashflow.after she stated if it was not my primary residence then i would need 20% down.well i said what if i wanted to buy a 40000 car or truck?well then we can help you right today if you want to fill out the app.so i said you mean to tell me i have a property that is going to MAKE me money and you cannot help me without a good size down payment but u will give me 40000 to buy something that the minute i drive it off the lot it is worth at least 5-10000 LESS!!!!!!!!!!!!! WHAT IS WRONG WITH THIS PICTURE TELL ME!!. so now i have to think a little different.
tell me what all you dgers think of this?????????
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Funny they can't see a "GREAT INVESTMENT" when it's staring them in the face!
Was this just a loan officer or the "decison maker" at the bank? Did you actually present a deal so they could see what you are doing? Keep looking, there has to be someone that will help you out! I know I am!
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
As much as that really sucks I did get a good laugh out of how ridiculous that is.
Success and Nothing Less!
Are they in the business to make money? LOL
Lea
SPR Property Solutions, LLC
Wow! That is madness! I agree with Lea above lol. Unfortunately I do not have any solid expertise for you, I wish I did. Every bank has their own criteria entailed in their decision making. I would certainly make sure you are speaking with someone who has the power to make a decision themselves, not someone who will have to go to their supervisor.
Keep pressing on, you will find a bank to work with you. When you do then you can hopefully develop a long standing future relationship. Until then, just keep on truckin'!
Good luck!
-Mike Hutchins
I suggest you go directly to the bank manager, vice president or someone with authority. The loan officer is merely someone who hands out applications. They wouldn't know anything about money anyway, let alone an investment. The loan officer do not make any decision, go directly to someone with authority. Good luck!
Lloyd
So if she can't get a loan from the bank what are her options in getting a loan
Just bringing up some old posts and getting a laugh but also bring to light some new ideas and what has worked for others. I will bring up more old posts to share the OLD TIMES here and some great learning. !!!!
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
This was a post back in 2009. I have since learned many ways other than asking banks for $$. Other ways include
* hard money lenders, friends, family, business partners, selling my liabilities, selling anything that I do not use around the house and garage, trading $$ for labor or expertise, trading anything and then selling it to someone who you know needs that item, credit cards, credit unions,rent to owns, seller financed deals, transactional funding, investors,crowd funding, negotiating,brainstorming,masterminding, private money lenders, hard labor,borrowing,bartering, HELOC or home equity line of credit and much much more !!! Add to this post with your creative ways to find $$$
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...