OfflineI have been through the Think a Little Different course and am a success team member (well, I think that is what they call it. I am a student with PMI/ITS). I purchased my first property about 6 months ago. I tried to sell it for about 4 months and it didn't move so I am now trying to rent or lease option it. I have at least 4 calls/emails on it a day but do not have a tenant yet. Since it is my first deal, my husband is uncomfortable with moving on to the next deal until it is rented. However, I am continually looking for good deals in our area. I have an amazing real estate agent who really understands thinking creatively and is not afraid to put in any offer for us. Currently, I am trying to find new and creative financing options. With traditional financing, my mortgage broker says I can do one or two more properties. I want to do many more than that, so it is time to get creative!
Jannelle's Investing Journal
Posted on: Fri, 02/20/2009 - 08:36
Today I went with my realtor to look at an REO property. It was so nice to be actively pursuing properties again! It wasn't the right property - it was too obviously a garage conversion and an odd one at that. He has agreed to help me get a lease option going on the property we are holding right now. Hopefully we will find someone soon!
Jannelle......don't listen to a regular mortgage broker......a GOOD ONE would have told you that you should consider Hard Money as an alternative to conventional financing.....with hard money your purchasing power is ENDLESS.
You should call the success team and speak to one of the coaches...not your broker. That's why they are called "BROKE-Rs" Because they have that defeated perspective and the pocket book to match.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.
Hello northwest,
You seem to use alot of HML's? Is there one in particular you use. I have been reading so far that the coastal funding has the best rates but they do need that end buyer at the close. Is there one where you can have more time to get a buyer, or is that pretty much how they all work? I really been looking at 3 possible houses, one short sale, an reo, and an estate home but don't have end buyer although there are 2 buyers that are not ready at this time maybe in a couple of months to purchase. I am afraid that if I wait too long these deals will be gone..
Lee Jon Sam Fong
Coastal is only for Back to Back closings......ONLY. They are not a traditional HML. www.privatemoneysource.com is the one I am using for my first deal, and they have been very helpful. It is a 2 year loan, but I only have a minimum of 3 months required seasoning. After that I can REFI to a lower rate.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.
Sorry buy I figure I could hold off on the short sale since it might take a while however, if I did use a proof of funds letter from like coastal am I obligated to fund with them when the time actually came about to close the deal? Sorry if I am posting in the wrong area buy I figure it might help out jannelle as well as myself to understand this.
Lee Jon Sam Fong
I use the COASTAL letters every time.....they are quick and easy....You are not obligated to use them....it allows you to put in your offer with the banks EASILY.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.
I recently got a list of HML's from the success coaches. I have yet to follow up on it. I will definitely look into it! Thanks for the advice!
Hey just wanted to stop in and say Welcome to the DG Fam sounds like you are out to a great start. How is it going with the house? Don't give up, you will get you a teteant and moving on to the next house or houses.
Erika, REI
Brownstone Investment Group
405.748.0734
www.facebook.com/Erika.Coleman
www.twitter.com/brownstoneREIgr
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.