Posted by ED Garcia on December 26, 2000 at 09:56:31:
You’ve told us about your tenant’s credit, but you haven’t told us about yours. There are some mortgages companies around that will only require 6 months seasoning on a valued borrower.
You could sell the note, but would have to do so at a discount. I think it would kill you to know that you have already leased optioned the property for $33,900, when it’s worth $50,000 and then have to discount it from there.
There are many ways you can use the equity in you property. You can borrow against it, and you could pledge it for additional security with a local lender when doing your next deal. Amy, I feel that if you’re going to be an on going investor, you’re going to need a lender that you can work with and depend on. My suggestion is for you to visit with your local bank. If you have credit problems then, find a local hard money lender in your area. A good local mortgage broker should be able to help you find a hard money lender.