May be a dumb question......but...... - Posted by Mike

Posted by Mike on February 13, 2004 at 18:53:47:

“Neither will your fear of flying”

Don’t assume, when you assume, you make an ass out of yourself.

Good day

May be a dumb question…but… - Posted by Mike

Posted by Mike on February 12, 2004 at 17:42:23:

do commercial banks offer any loans to start your RE Investment career??

If I went to a bank, and said I want to buy houses that need repairs, fix them up and sell them

is there any programs such as these?

Re: May be a dumb question…but… - Posted by Lyal

Posted by Lyal on February 13, 2004 at 10:19:25:

Mike,
Don’t know your present situation but for the most part, without knowing the “rules” it’s hard to do.
First problem, in my experience, rehabbing is the absolute HARDEST way to make money in real estate. Novices in this niche over-estimate market value, under-estimate repair costs, neglect closing costs, holding costs and cost to resell etc. This is a mine field you are stepping into.

If you don’t have cash to get started, have no track record, assets to back up the loans, detailed plan of how you plan to do it, the chances of a banker listening to you are nil.

If you’re new (don’t remember seeing posts from you before), read all the articles, money ideas on the forum and plan to spend your free time over the next week or so reading these boards. There are easier ways to get started in investing (hint: start at the mobile home board…).
All the best, Lyal

‘Lender’s workshop’ - Posted by michaela-ATL

Posted by michaela-ATL on February 12, 2004 at 20:03:44:

Ed Garcia and Terry Vaughan offer a 3-day workshop, that teaches you how to get a ‘working lne of credit’
for that purpose. If you check in the archives you will find lots of comments I’m sure.

Michaela

Re: May be a dumb question…but… - Posted by Mike

Posted by Mike on February 13, 2004 at 15:40:03:

appreciate it…I was planning on writing out my plan in details before I approach the bank

I’ve been reading this site everyday for the past month…and I read books on investing…the creative ways to get financing are good ideas, but if there was a way to have lenders give you the funding, it’d be better

regardless, i appreciate your feedback

Re: ‘Lender’s workshop’ - Posted by Mike

Posted by Mike on February 12, 2004 at 20:53:17:

thanks, i read that on the information section and it sounds great…but I don’t see myself going to atlants for a workshop…and i cant find any tips in archives, only thing i find is questions on attending the workshop

Re: May be a dumb question…but… - Posted by nelson

Posted by nelson on February 14, 2004 at 24:10:31:

Forget about the bank. You will have better luck with a lender. Try First Horizon Mortgage. They have a product similar to FHA 203K, that allows you to get money to purchase and rehab at the same time.

Re: ‘Lender’s workshop’ - Posted by Sharif

Posted by Sharif on February 12, 2004 at 23:14:39:

“I don’t see myself going to atlants for a workshop”

Then you may not see yourself getting the information you need…

Re: ‘Lender’s workshop’ - Posted by Mike

Posted by Mike on February 13, 2004 at 12:31:19:

then I guess I’ll have to do more research myself on my own, won’t I? I said that because I don’t fly

Your response certainly wont be helping me, so save it for someone else next time

Re: ‘Lender’s workshop’ - Posted by Sharif

Posted by Sharif on February 13, 2004 at 18:16:31:

“Your response certainly wont be helping me…”

Neither will your fear of flying…