OfflineIs anyone doing real funding these days? It seems like everyday I get emails for funding offers, but once I start going threw the email it's another person with a new program or course they are trying to get people to sign up for.
The new wave hitting now is everyone is becoming a Private Money Bank member. They are now teaching everyone how to be yet another broker as is there isn't enough of them already.
Even the REO asset agents. When I look up foreclosure properties, and find one that interest me I'm directed to a link that ends up being a financing offer threw Private Money Bank.
The other is credit repair services. Now there is a need for this, but credit repair is not going to help a lot of investors that are looking for funding for their fix and flips or rehab deals. Because banks will not fund most of these anyway.
Now I go to foreclosure and tax auctions all the time and when I win the bid I have to put up 10%, then I have 30 days to pay the rest. That is not the problem,it's that I would like to be able to line up more than one deal at a time. Not knowing if I can get funding for more limits my efforts.
PML or HML all want a signed deal under contract before they will look at a deal. Then they will only fund 65% of the purchase price. That does not help in most cases.
Here's an example I bought a house at a tax auction 7,500, but when I close I also have to pay additional 8,300 county taxes. Rehab is 22,000 that = 45,300 but they will only fund 65% 0f the 7,500 so what's the point.
I get people that email saying I have what you need and again it is another broker who wants to assign a contract to get you funding from a third party.
So I don't need more webinars,lessons or course of how to look for funding.
If their are any real funding investors that want to fund deals please step forward and put an end to all the daisy chain offers out there. I know there are hundreds of others like myself on this site and many others that are looking. And most do have great deals and know what they are doing.
So if you are for real help stop the frustration we have all been facing.
Jim,
Seems everyone is/or wants to be a GURU. Now broker and as always anything for a buck.
Ask attorneys if they are money managers-some are actually private lenders themselves.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
We are hungry for fix-flip investments
The market conditions continue to be very good, allowing us to support our developers with up to 100% of cost funding.
Now here is what I'm talking about this email just came to me. They want people to buy and rehab a property for 30% of what it's worth. If it was that easy we wouldn't need to look for additional funding. This is the worst one I ever saw.I got my message in the middle some how.
What we are looking for
Many of your investment criteria are flexible, and the overall project needs to make sense. Here are our top-level requirements:
1-4 units (2,3,4 units preferred).
NJ, NY, PA (Exceptions for other states).
Profitability: After Repair Value (ARV) of at least 150% of cost.
No high-end properties.
Credit and income history are NOT disqualifyers.
Investment/rehab experience, and work done by licensed contractors.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Great post. I've been in process of changing everything in my life these past couple of months, including the people In my life, certain habits, priorities etc. I still haven't made deals yet, however my business cards tell me I'm an investor, my website tells me I'm an investor, and my attitude tells me I'm an investor. I'm not saying its going to be easy, because I know it wont, but If I continue with those baby steps, I know I will succeed.
You can either look for opportunities or make them.
http://www.deangraziosi.com/real-estate-forums/investing-journals/75933/...
http://www.maxwellpropertysolutions.com/
Maxximus That's the exact attitude you need to have, and don't change it for anyone.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I go through the same problem every day. Although Jeremy and I are in the closing stage on a 4 family and we are going conventional. I have searched and searched for days for PML's and when I do all the math, we are lucky to come out with any money left. One saving grace is that we have app's in for community grants to upgrade our props and we asked for the moon. 80% no repayment and 20% of balance at 1%. That is what I have been doing for the last 4 weeks. If anyone is interested in grants, here is the web that I started with. www.cfda.gov. upgrade money, rehab money it is all there.
I still feel it will be the investor that helps turn this mess around. I only wish the banks would cut all the crap and start loaning funds to do it.
Wait till the shadow inventory hits...Jan
Jan I'm actually waiting for it, I am going to tax auctions to find something there is slim pickin right now.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Mike,
Glad to see you're still moving forward and thinking positive. You are not afraid of change and thats what it takes to get to your goals, even if it means changing the ppl/friends in your life.
Don't let ANYTHING stand in your way of success.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
I get the same kind of emails over and over or the other kind about join this webinar to find buyers for you property or join this webinar to team with us or let us be your mentor to help you along the way. I have been on this site almost two years now, have not closed a deal yet, I think just the same as maxximus as well. After reading todays paper I found a home owner trying to sell his property and will owner finance it with a low down payment and small monthly payments too so tomorrow I will be calling him to find out more about the property so I can get comps and the like on it and see if it is worth it.
Shawn