OfflineI am a new investor along with my fiance' we would like to get into the real estate business in order to make a better life for ourselves and our families.
| Title | Poster | Replies | Updated |
|---|---|---|---|
| minneapolis minnesota investor needed | million | 3 | 16 years 40 weeks ago |
Dina, a couple things to note... first, the recent credit crunch has tightened traditional lending for investors. With all of the defaults happening over the last few months many banks only want prime paper on the books, so even if it is a steal, without credit and hard money unfortunately it still looks like sketchy paper to their shareholders. Look in the forums, especially by cbrpower. He has detailed recent lending strategies and why you seek out private lenders and not banks for getting financing, as they base their lending on the value of the asset, not your credit score or income. Also, many without initial resources have choosen to start by reassigning properties, as opposed to buying them, as a virtual risk free way of creating opportunity to build capital for future deals.
Read through all the forums, there is a lot of detailed information that covers your questions once you get through it all.
Disappointed
We are new to the real estate field and are still trying to get an understanding of how to go about doing things. We were thinking about getting started by finding properties for established investors and collecting finders fees, but are now being told you have to be licensed to recieve finders fees? Is this correct? I have also read in a number of places in Dean's book when there have been people that were in the same situation as myself and my fiance' that got started with on credit or not so good credit and no money set aside for this because they are living paycheck to paycheck and got started. But my Rep from the Bus. Dev. Team is now telling us we can't do this without having money or credit. One particular story we read on page 157 the couple had terrible credit (both) and had no money to begin and are now successfully flipping houses. So, my question is why am I being told that it is not possible to accomplish the same success as they did? I have worked in banks for almost 10yrs and I do know that it is difficult to obtain a loan with poor credit but somehow this couple managed to overcome their credit issues and are now flipping houses successfully. Dean I would like to know why I am being told words of discouragement instead of words of encouragement? If there is someone out there that can give me some insight as to how to get started I would greatly appreciate it. I have read examples in the book but it seems that all my ideas are getting shot down.