Thanks Angel. I wish I could have attended the seminar but I only found this site a few days before it started. I wish they had a book. I’ll take your advice and try a small local bank.
Thanks again…David
This is my first year full time REI I have done 3 rehabs netting about 70k. I have 130k cash and a 50k credit line and a 740 beacon. To get were I want to be, I need about a 500k to work with. My banker just told me “sorry” all credit lines are based on income (other than real estate) and not the collatral and they have been burned by RE investors. I don’t feel I should have to pay hard money rates. What does everybody else do? Do I just have to pay the price? Are all big banks like this? Anyone in the know I would really like some help. I am closing on 2 homes in the next few weeks and using up a large chunk of my cash. So I need to plan ahead now. Thankyou in advance.
Thanks…David FL
As compadre Ed would say (probably), talk to your small town banker. The small banks on the corner that will cater to your needs. You’re headed for the big-time and time to change gears. Maybe you’ll start thinking about attending the next Ed & Terry Convention? You know, How to Get Lenders Fighting To Give You Their Daughters–oops, I mean Money?
Talk to Ed as soon as possible to get you to the next level.
What part of FL are you in? I know a Hard Money Lender in South FL. If you want some info. and decide to go this route, I believe he is going 15% + 3 points. Email me.