OfflineHello,
I need advice on my next step. Heres where i'm at in my first REI endeavor.
1.) I have great Credit 750+
2.) I have a solid Investor committing 60k at 15% at the time of closing.
3.) I am a handy man with many tools and know how on basic home repairs
4.) I have my own cash/ cashflow to invest
5.) Extensive general contractor network.
6.) Construction estimating experience.
7.) I live at home and work only 4 days a week!
Here's where i'm having trouble and have not found answers after searching on this very helpful forum.
1.) all the banks refuse to offer me a loan bc I only have 1 year at my current job.
2.)Where do I start looking for homes? and how can I make offers if I don't have the financing from the bank to cover the difference?
San Diego Real Estate Prospect
Use "other people's money" OPM! Just like you did with the first guy. Make some money, repeat until you have enough cash to do it your self. Might take a year. Then you will have 2 years on the job and $$$$$!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site