new to this - Posted by steven

Posted by Nick on July 23, 2001 at 11:19:52:

Steven,
Bruce is right the Hard Money lenders are probably the best way for you to start. Based on what you told us. However, you should know right now, that you will have to work harder than others who have the capital and other investments to work with. Because you have to work harder doesn’t mean you can’t do it.

One thing to be sure of. Buy only deals you know will make money. In your position you can not afford to make a mistake at the beginning. Buy only houses that you could rent out and cover the mortgage payment. It is OK to buy with the idea of fixup and sell. But if it doesn’t sell you need to be able to rent the home out.

Hard money is expensive, the interest rates are higher. One good idea would be to buy a house with the hard money fix it up and rent it. Then refi and take some money out. Then you would build up the capital you need.

Keep trying and don’t quit. You don’t loose at this until you quit.

Nick

new to this - Posted by steven

Posted by steven on July 21, 2001 at 12:32:52:

ive been reading everything on this site and have purchased some material from 1 guru and got very little to go on, other than what to look for and how to’s but i have no capital and no credit thats of any use, ive called on some properties but dont know how to structure a deal with my financial situation and dont have money for a down payment and dont want a credit report involved, can anyone direct me how to structure a deal with this kind of situation so i can get some quick capital to work with, i dont have money for courses but hoping to buy some of these once i get some capital. Have tried to find somewhere to obtain forms so i have an idea, im in sales so i know how to negotiate somewhat but i need some sound advise what types of deals i should be looking for, and how to get an idea of how to negotiate the deal and structure it so it meets all the above criteria, theres got to be a way, “i have a dream”, can anyone advise me how to realize it. Thanks in advance

Re: new to this - Posted by Bruce Lawson

Posted by Bruce Lawson on July 21, 2001 at 20:43:21:

Hi Steven,

Is your credit less than perfect or you just do not have any? You can always find a hard money lender to finance 65% of your deals, with sellar carrying back the rest on a second. This is very generic and I am hopeing someone will jump in and offer more information, but this will give you some sort of idea what is out there.

Contact me and we can discuss other ways to get you moving towards your dream.

Sincerely,

Bruce Lawson