OfflineI am trying to do my first deal and my partner and I are trying to find Private or hard money to fund the deal but the problem is that we have no money to put down and the higher of out two credit scores is 654. So can anyone recommend what we should do or where we should go?
PLEASE ANYTHING WILL HELP!! please point us in the right direction!!!
Thank you,
Bryan
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Bryan,
usually a hard money lender or private lender doesn't care so much about your credit scores, but moreso about the numbers on the deal. You would use them only for a short term since interst rates and fees can be pretty steep.
wishing you success,
valerie
Valerie
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Most hard money lenders DO require that you have at least 6 months of loan payments in the bank before they lend to you! Why would they lend to someone with no money in their bank account? They DO run your credit but they check more on your credit history, not your score. They do base their loan on the quality of the deal but if you have a history of late payments, repos, foreclosures they won't lend no matter how good the deal. This is real world, not what a bunch of gurus teach!
Private money is better but you have to know what you are doing and have a strong deal.
Neither one is really a no money, no experience strategy in my opinion.
I would recommend you pursue home owners in distress directly with no realtor.
Get a good deal under contract. Well first you must learn what a good deal actually is and what and how to offer. I would worry about this first! Then once you get a good deal under contract, assign the deal to one of your buyers. Got any buyers, if not, you don't need any kind of funding!
1. Learn how to find and evaluate investment properties.
2. Build your buyers list.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
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