Great deal but no money $$$

You could use a hard money lender they usually dont look at your credit score.
Or you could find a buyer and do a double closing for a quick profit.

If you plan to hold and rent ,then try hard money , but make sure you can refi without seasoning so you can cash them out.

Hey Ricardo , My name is Dino from Kansas City ,

Where can you find the hard money lenders ?

Thanks

DIno

Thank you everyone, and that's a good question Dino.

I expect hard money lender will probably charge an arm and a leg for interest huh?

But if I get a really good deal and do double closing then it wouldn't matter. if I don't then I will be stuck in a deeper hole.

I need to find a buyer line up and ready to go first. Just brain storming .

Thanks again room.

Dino go to www.kcprivatemoney.com

That's a good site to know. I have to look into it more.

Thanks

yes hard money lender is one option.
some examples would be your local community bank? first get all the figures to show them it would be a profitable deal for you such as 1. what the taxes r
2.insurance quote
3.mortgage payment to allow a cash flow after all expenses
MAYBE GET A SIGNED LETTER FROM THE POTENTIAL RENTER showing he will rent for next year or two.
show the bank that you know your figures and they might be more inclined to lend. OR how about a credit union!! you sometimes only have to live in the county that the credit union is in or work . or how about a line of credit or do u have something that u can use as collateral that the bank,credit union or private lender might use. maybe even a personel loan for the balance maybe u can get one and your wife can get the balance on her own account.FIND A PARTNER may also be an option. how about selling some of your TOYS to start investing snowsled,2nd vehicle,motorcycle,2nd computer,etc,etc,...........borrow from a friend and sign a note to pay them back or offer a percentage of the rental income! advertise on this site for a partner,lender or just ask the bank that has the property if they want to unload this property in one day just give you the loan and it will be done just make sure your loan is structured so as to have a positive cash flow after all expenses!! go for it bruce you can do it!! good luck pal!!
jay

just forgot to tell you i have a house locked up on contract to assign and time is running out so i am also taking my own advice AND feel your situation!! dont give up bruce try EVERY avenue and it will happen. i am trying to purchase if i cant assign it.

Thanks for sharing your advices. I will dig in and do more research to see if the cash flow is really worth it. Will update with the final decision. Thanks again.

PS: I hope your deal go through as plan.

After all of the numbers crunching, and all the positive and negative balance. It turn out to be not that profitable. Might have a lot more headache in the long run.

Just want to update. This site is awsome. Thank you once again.

I often have heard other investors state that "some of the best investments they have done are the ones they walked away from". Thus, each deal is a good learning experience to run the numbers and figure out cash flow, The information, education and confidence you gain from each prospective deal is very beneficial. Keep up the action plan and sooner or later the deals with postive cash flow will begin to appear. Good luck with real estate investing. Believe and Achieve! - Joe

behold,
Hard money lenders will charge you around 10% to 15% APR and a few points.
I got a loan from one of them and the numbers worked good. The only thing is that if it is your first time dealing with them maybe they will ask for you to put some money. In my case the loan was $46K my APR is 11% and my payment is $425/month but because I'm renting it for $1,100 I have enough room.
I put $5,000 into the deal which by the way that money came out of a credit card the same as the repairs which were around $3K.
Daniel.

You guys are letting deals slip by because you are ill-prepared.

Here's what you can do to prepare yourself for the future:

1) Incorporate

By incorporating or creating an LLC, you are creating a separate entity other than you. Your business will have an employer identification number, somewhat like a personal social security number.

You are not creating a Real Estate investing business. You are creating a marketing company. Banks tend to frown upon Real Estate investors. They are too risky. You essentially are a marketing company because your main purpose is to connect buyers and sellers.

2) Join a Business Credit Building Program

After you have obtained an EIN, go set up a business checking account and keep your business and personal transactions separate. Join a Business Credit Building Program. There are several companies to choose from. These programs will help you establish lines of credit exceeding $100,000. The best part is that you will have built a strong credit history in the name of your business; NOT YOUR PERSONAL CREDIT. You can then go to your bank and start getting low interest loans for all of your investing needs.

This process takes 6-12 months, but it'll be well worth your time.

In the mean time, you can continue to educate yourself on the DG investing techniques, build a buyers list, and get a marketing system set up. By the time the Business Credit Program is done, all you'll have to do is figure out which deal you are going to start with first.

That's great info. Thanks.

You could look For Hard money lender in you Local newspaper. The sunday paper is your best bet.Also at investment clubs and foreclosure auction.Ive also check out craiglist.And also ive found that some investor from my buyers list would do Hard Money.

Thank you for the nice post! You say.. Join a Business Credit Building Program. There are several companies to choose from...
Could you list some of them?
Or it suppose to be the same bank that you have your business account?

I can't list them here. I don't think that would fall within the forum guidelines. But, if you want some direction, just send me a PM.

I forgot to mention the SBA Express Loan.

It is a gov't backed small business loan with a very high approval rate. After you incorporate, you would also be eligible for this loan. Again, don't tell them you are a Real Estate Investor, or the approval rate might just decrease in your case.

Ask your bank about this loan.