OfflineHey Guys,
So i finally getting my first investment property, and then found the house next door is for sale too.
I want to buy it, but i used about 80% my money to buy the first one. I wanted to know if you guys could suggest a good place that will loan me money not so much based on credit.
It is only a low amount of 5,000 and I have 1,000 in the banking about while making 3,500 a month. I just looking for a short term loan.
Any ideas or suggestions would be great, by the way I am living in Oregon but investing in the mid-west if that helps any.
David
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Have you talked with them to see if you can use some of the "no money" tactics?
Karen
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I am not sure that would work, this house is under a HUB or HUD i believe they want all cash.
I remember reading in one of the books years ago about using a hard money loan. After some research i have heard good and bad things, guess I am looking for a good reference to someone that would be a good experience to work with.
Hi, David! Try to find a private money lender or hard money lender (HML) in your local area. I've found my HMLs at my REI club meetings. You may also try to partner with someone who has a self-directed IRA and is wanting to invest in real estate market for a higher return on their money/investment (ROI)! You may even partner up with someone from DG.com.
PS. HUD is an acronym & stands for: Department of Housing and Urban Development ...a cabinet of the United States federal government. It has existed since 1965 and is charged with ensuring smooth policy for housing and city development. Since the mid-1970s, its focus has shifted primarily to housing, leaving urban planning more in the hands of individual cities.
One of the main functions of HUD, and certainly that with which most people interact, is its role as a lending facilitator. This agency helps people of low- and mid-level incomes acquire loans to purchase housing. HUD itself is not a lending institution, but it approves lenders and supports them materially.
HUD also offers extensive counseling services for potential homeowners. There is a network of organizations that work through the agency to address a wide range of key educational issues relating to home ownership. HUD funds many special programs through individual grants, all with the aim of assisting Americans who wish to buy a house. In addition to counsel relating to first-time purchases, the agency also supports organizations that offer advice on foreclosure, defaults, renting and many credit issues.
Virtually all real estate agents in the US participate in HUD programs and are able to give advice to clients wishing to receive HUD assistance. All bids that receive this assistance must come through a participating real estate agent and cannot be handled directly by the buyer.
PPS. I believe HUD sold properties now require the buyer lives in the home as a homestead for a seasoning period.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
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