OfflineI never thought this Investing Gig would be easy! In fact I put off investing because I never thought that someone with No Money, Bad Credit and a Medley of "Stinking Thinkers" would ever be able to! Well I'm here to tell you that I'm on my way. Regardless of No money, Bad Credit(550's) and those people who just can't seem to be positive. My first attempt at this was a failure actually my first three attempts were failures!! I tell you this only because you cannot give up. I had two properties under contract. 1 was a 60 cents on the dollar water-front. I loved this property I wanted it so Bad, the 2nd was a 65 cents on the dollar SF Cape Cod. I was always taught find the Deal first the money will follow! So thats what I did. Then was time to take my deals to find the money. After several contacts with Hard Money lenders I found one that would lend me the money! After several conversations and giving him the information I find out that he would not lend me the purchase price and repairs on the property! I obviously didn't have the money for either so I attempted to ask people for money to borrow the difference. No luck1 Well the two deals fell thru due to funding. Was I upset, yes was I discouraged, yes Did I give up? NO! I kept trucking. The third deal-an owner finance property. Yes easy to get approved no banks, no fees, no credit! My type of Deal. The numbers were tight but i thought i could make it work! The owner had it listed for 140,000! I needed it for 135,000! Long story short she wouldn't budge. The properties still Active, after 30 days i am going to resubmit a bid. Through this whole process I ran into an investment club from visiting REIclub.com. I went to their monthly meeting, ran into a wholesaler and found a deal through him. I went to a Hard Money lender that deals strictly in that area(Baltimore City). This lender turned me down for the other 2 properties but was more than happy to lend me the money on the purchase price plus repairs! I had to come out of pocket with the assignment fee from the wholesaler, and the points for the lender(3.5%). I know you said No money, Well i ended up asking people for money to borrow again. Found a person with the money and am currently on my way to close by April, 30th. Keep you posted!
"The man who can drive himself further once the effort gets painful is the man who will win."
-Roger Bannister
Way to hang in there through the rough and crazy lands of real estate investing. I have a feeling that yu won't stop here!!!!! Much success to you in the future...Jan
Good Luck to you. We both live in the same State and I closed a deal with no money. This strategy works in Maryland. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
I had a thought about the last deal. Can you make the numbers work if you ask the seller for a balloon note, possibly 5 year interest only so she gets her price and you get the cash flow necessary. Have you looked at the other 2 deals that you couldn't finance for a lease/option? Good luck with this and no doubt taking action will get you to your deal.
Great job, I understand where you are coming from. I went thought he same thing. But I did as you I took action and kelp taking action and it work. The next one will get a little easy, Keep up the great work and keep us posted.
Randy
www.adeptpropertiesllc.com
I am kinda new to the communtiy and I love reading all the success stories, not so much the failures, lol. But when you have put your failures and successes on here like that, it's a lot more encouraging. great story! Keep up the good work!
I do it because the road is full of successes and even more failures. You cannot give up after the first or even second unsuccessful attempt! Take Action and be relentless the rest I promise will fall into place:)
Chad
"The man who can drive himself further once the effort gets painful is the man who will win."
-Roger Bannister