Posted by Josh on April 28, 2005 at 11:27:35:
Truer words were never spoken… I do need to study more, and get some experience, and actually do my first couple of deals.
I’m as green as a shamrock, but hopefully after I get a deal or three done the only green I’ll ever see again is MONEY!!! 
I’m just trying to get as much knowledge as I can before jumping in with both feet and wind up like other not-so-saavy people, making payments on a vacant money pit that won’t sell.
Hard money lenders going on credit scores!?!? - Posted by Josh
Posted by Josh on April 28, 2005 at 24:21:15:
Will the nightmare never end? Now I’m hearing that hard money lenders base decisions on your credit score just like everybody else. What’s going on here? If I had good credit I’d go to a mortgage broker!! I wouldn’t need a HM lender or his 15% rate.
Seriously… can someone with a low paying job and less than $500 in the bank really do this real estate thing or not? I’m just really afraid I’m wasting my time and that everywhere I turn trying to put a deal together somebody is going to put their hand out. Down payments… earnest money… closing costs… where are people coming up with this money? Savings and credit cards (which I also don’t have)?
As near as I can tell, doing a sub-2 and then back-to-backing with a retail buyer seems to be the only way and even then I have to be careful that the closing costs don’t trip me up and kill the deal.
I still can’t shake the image of an escrow agent, hand out, wanting me to fork over $2K in closing costs up front so he can then hand me my $20K. Ridiculous.
Re: Hard money lenders going on credit scores!?!? - Posted by Lawi
Posted by Lawi on April 28, 2005 at 21:54:45:
I’m a first timer. What is a hard money lender? How do I locate one in Chicago, Illinois.
Re: Hard money lenders going on credit scores!?!? - Posted by YD
Posted by YD on April 28, 2005 at 10:48:11:
I just got a reply from a lender who advertises on this site telling me there would be $25,000 closing costs on a rehab loan. Stick with local banks - they are in business to loan money. If you can’t get money from a traditional lender, you are going to get hosed if you get anything at all. If your credit is no good and you are broke, the best you can hope for is either a government program or seller financing.
Look for my new book at a retailer near you: “How I made $100 in Real Estate”
Re: Hard money lenders going on credit scores!?!? - Posted by john
Posted by john on April 28, 2005 at 09:39:53:
“As near as I can tell, doing a sub-2 and then back-to-backing with a retail buyer seems to be the only way and even then I have to be careful that the closing costs don’t trip me up and kill the deal.”
If closing costs will kill a deal, it is not a deal. You need to study more and find real deals.
Re: Hard money lenders going on credit scores!?!? - Posted by Lee M.
Posted by Lee M. on April 28, 2005 at 02:08:01:
hey, how are you? The true aspect of business it all cost. why would someone work for charity. Real estate is a cash business. If you want hand outs go to goodwill.