Question for Mr Garcia and others - Posted by Chris

Posted by Dan on December 09, 2000 at 08:26:01:

Mr. Garcia,

I live in the state of Virginia about an hour south of DC and my partner, Brian, and I have been working to get our feet wet in the real estate business for over a year now and are unsuccessful to this point, yet not at all discouraged. I am 22 and he is 25. Combined we make around $60,000 dollars with some debts.
What is the best way for us to utilize our money to get us off the ground and get this business we want so badly to get rolling? Residential rentals, commercial rentals, flips, or none of these?

One thing I do want to add is that we know a very good friend who does carpentry work and is very good at it. Should we possibly utilize this friend to help us get to where we want to go?

Also how do we get the money to pay this man if we use him to fix up the property? What ways do you know of that could possibly help us? Maybe your lending instituition could help?

Also, should we be incorporated or make each property purchase an LLC?

Thank You for your time


Daniel Powell

Question for Mr Garcia and others - Posted by Chris

Posted by Chris on December 07, 2000 at 20:22:17:

I am have rented my whole life and recently became self employed. I have W2s for 1998, 1999 and was W2 through September.

I found a home that I would like to purchase and am unable to find 100% financing. My Beacon is 666 and I will occupy the property. I guess that the stubling block has been my shift to self employment.

Am I in pursuit of something that doesn’t exist (100 percent financing for a person like me)?

Thank you.

Re: Question for Mr Garcia and others - Posted by Ed Garcia

Posted by Ed Garcia on December 08, 2000 at 09:33:22:


You don’t tell us what state you’re in, but based on the credit score you’ve given, you’re a candidate for 100% financing. Contact me at (909) 944-0199 and we will talk about your deal.

Ed Garcia