OfflineMy husband and I finally got a real estate agent to some what work with us. We are about to put in our first offer. We got approved for a hard money loan but we have to have a letter from a bank saying they will re-fi us. The problem is we have had a foreclosure and no bank will approve us for a home loan.
I'm stuck mentally and emotionally. Does anyone have any ideas on what to do next. The deal is a great deal and will have about a $50,000 profit after fees.
Thanks!!!!!!!!!!!
Ericka and Oz
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I talked to John, he said to contact a local real estate club to find private money, he also said to contact a couple of mtg brokers.
May I ask in what area will you be purchasing this property? Have you attempted seek out another HML, who will not require a "re-fi?" Have you thot about a "double-closing" instead of an HML? Have you thot about "partnering" with another investor and splitting the potential profits?
Be careful with Mtg Brokers because they will charge you a FEE for their services!!!
I would consider a private $$$ investor or lock up with a investor partner...
You can PM and I will see what I can do to assist you!!! I have TONS of private $$$ listings/funders ALL across the country, which will be willing to provide you the funds. But, let me say this is NOT for everyone else to email or PM, just this couple... I feel the need to help our NEW INVESTORS!!
I was always taught "do unto others as YOU would have others do unto YOU!!" Shalom!!!
ASSIGN IT. You don't have to start off by actually BUYING homes. BUILD your capital base by assigning deals. How would it work for you if you could build up a $100K capital base to work with? You could pay cash for in some cases and you would have a substantial down if necessary for others. By becoming GOOD at finding deals for assignment you assure yourself that you CAN do this, and you can make money NOW. Then when you are ready.....you can decide to KEEP only the best deals that you find.
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.
Thanks for all your ideas! I truly appreciate it.
Ericka
I would also reccomend branching out and making a "contact book" of all the agents and brokers you talk to for future deals. Once things get off the ground and you get over that "first deal hurtle" that address book will become a golden book of deals to work through.
Assigning it is a good idea as well. This works golden in the note networking business as well and is how you start off and build credit and make friends for future deals.
John 14:6
Thanks Cam!! I will make sure to keep a contact book. Now I have to make it a point to become more organized!
Sounds great.
Personally, I keep all my important info on a high quality jump drive. I say "high quality" because there's alot of cheap ones out there but you run the risk of damage or loss of info with the flimsy ones. This way you can load property listings and long drwan out listing and land details and have plenty of room for new deal #'s and contacts.
www.tigerdirect.com has an EXCELLENT selection of usb jump drives between 1 and 32+ GB storage. Look on the left side of the web site at the bottom of the list "USB Flash drives". I reccomend the Verbatim myself but Transcend and Lexar are also good choices for safe reliable data storage.
2-8 gig drives are prefered.
Best regards,
CAM-
John 14:6
You can try to assign the deal to an end buyer, however, with foreclosures, the banks like to know who the end buyer is and more importantly, how the property purchase is going to be funded. They don't tend to allow purchase contracts that show your name "and/or assigns", as they want to move the deals and not "play games". I might be wrong, but if anyone else has experience assigning a contract to an end buyer, who is yet to be marketed and found, to move a foreclosure property ... please give us your knowledge.
Regards,
Mati
Live life today, because you never know what tomorrow can bring!
Not trying to get off track here but what are the best ways to market a property to investors after you have it under contract?
Brooks
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Happiness does not come from doing easy work but from the afterglow of satisfaction that comes after the achievement of a difficult task that demanded our best.
Theodore Isaac Rubin
WWW.MSPAgents.com
Very good idea. I am new too and I like the idea to assign deal but not sure how to do it?
Emeline L. Faaumu-Niutei
They said it the best!One says private money and the other says
build your cash on hand.(2birds----------1stone)
You know what i am talking about or you don't.The saying reminds me,
make your actions count!
Randy
I am new @ this too. Pl / explain more in laymans terms about the assigning & what you mean by private money , hard money, partneriing. How do you convince people they shoud work w/you? I really, really need abunch of help.
Someone posted a website with numerous lenders. Go to scotsmanguide.com. check it out. Don't know who posted it, but thanks!!!
Bruce
If you are selling to an end buyer, why not do a double closing.
If you are buying to hold with cash from the HML, can you put the home in your LLC and refi with a commercial loan? I remember someone saying there is no seasoning that way either.But the rates may be a little higher.