Posted by Matthew on December 18, 2002 at 12:09:52:
Tim-
you have got to present yourself as a better risk than what you descibe here. as a lender you wouldn’t make it. if you cannot prove your income and you don’t want to pay “any fees”, who is going to work for you?
you need to undersatand that although the market has been very good things are coming to change all of that- especially fro the type of loans you want- yopu see the fed just came out with the housing foreclosure reports and it was the "worst " year ever, so be grateful for what you have and your ability to work, when you want, not everybody has your ability or mine.
your local bank or local experienced mortgage broker can get you a line of credit if you score high enough.
I am not trying to be throwing any stones but when the all is said and done try to be a little more grateful.
best regards-
MG
looking for suggestions-long - Posted by Tim Retzlaff
Posted by Tim Retzlaff on December 18, 2002 at 08:49:29:
I am new to CREonline, but I have been buying rental properties for several years & have been reselling my personal residence every 2 -3 years. I have either rehabbed or built each personal residence & sold at a profit, tax free of course. Rental Properties are appraised at $190,000, we owe about 75,000. Personal residence is worth about 150,000 & we owe 49,500. I have a good feel for the local market, excellent credit & am a plumbing/general contractor. What I don’t have is income, I hate to work, & our properties don’t show much profit, so our combined income (wife & I) rarely gets over 45,000 per year.
I am tired of coming up with the cash for down payments, & I really hate paying for the fees associated with loans. Is there a way I could bundle our rentals & establish a line of credit? Should I create some sort of entity to hold the rentals? I have my eye on a few properties that are very promising & it would be a lot easier to be able to make a cash offer. I am located in Auburn, Alabama & invest in Auburn, Opelika, Valley & Lanett. Any advice or suggestions will be appreciated.
Re: looking for suggestions-long - Posted by Jasonrei
Posted by Jasonrei on December 21, 2002 at 10:40:21:
Tim, sorry I can’t help with line-of-credit question. As for holding rentals my RE atty and accountant say use an LLC. The reason I decided to post is to respond to the guy who says be grateful. I use bank, hard money, and private money loans and don’t mind the interest at all. What I don’t like is the high fees that come along with bank and hard money loans. “Be grateful” is, to me, bad advice. “Be grateful” is code for “be satisfied and take what they give you”. Use your hatred of paying high fees to go out and find private money.