Posted by GL(ON) on July 05, 2002 at 13:18:18:
Once you leave your job your ability to get loans from a bank is nearly zero. Ironically you can still get an unsecured line of credit or a credit card worth thousands of dollars, but they won’t make a loan secured by real estate.
You need a substantial portfolio of properties and good positive cash flow before they will consider you worthy of a mortgage.
This is why most investors look for owner financing, partners, etc. Once you reach a certain point it’s the only way to progress.
Laid Off!–Starting up RE Business! Suggestions? - Posted by Mark
Posted by Mark on July 05, 2002 at 07:54:26:
I was recently blessed with the Pink Slip!—I have 4 props making pos cask flow and would like suggestions on how to go about dealing with banks for small buisness loans. Or Gov grants/ programs for this type of venture. Thanks. Suggestions Appreciated!
Job security. . . - Posted by NCPaul
Posted by NCPaul on July 05, 2002 at 22:53:13:
I read recently something that hit home, originally I think it cam from Dilbert of all places. “It’s better to have 100 idiot clients than 1 idiot boss.” Welcome to the club.