Can someboy help me with financing some opf my properties. I have been told I am going to have a tough time getting financing if I get over 10 properties. is this true or does somebody have some advice for me.
Is the only way to finance a Pre-foreclosure is through "traditional" practices? (ie loan) My credit stinks (below 500...just starting to get it worked out) so I wouldn't qualify for a loan. I've racked my brain trying to think of other alternatives. Any ideas?
Also, even after I pay off debts, how do I build my score up? I read somewhere on this site that even after paying off debts, she was having trouble getting her score up. Any advice?
Many thanks.
__________________
Have a Blessed Day,
Phoenx
We all are everyday Angels, so why not expect miracles? They're there...have you noticed or made yours today?
You can hire credit cleaning companies that for $50 a month they will go to work for you on all the negative things on your credit. You must get your credit cards at least below 50% balances and Do NOT close them. Really keep an eye on who is pulling your credit and you can go online google credit reports and there are services out there that you can pull you credit for free and it will not count as a pull on your credit. Mainly the top two hire a credit place I use Go Clean Credit out of Phoenix ask for Josh and also try to transfer balances or whatever you need to do to get those credit card balances below 50% of your limit.
Hi, I know that this may sound crazy but do not pay off debts. It actually lowers your credit score. I am going to send you to a website that will fully explain what i am talking about. Go to www.badcreditisgone.com This site is the best i have ever seen if you only want to better your score. They permantently delete everything that is bad or derog. Check it out. Cindy.
Does anybody know of any lenders doing refinances on properties with "no seasoning" meaning ownership less than 6 months. Any help is much appreciated. Thank you
of some one that can be of assistance. email me and I will forward it to you. I am in Cali but they may be able to lead you to where you need to be in your state.
I'm a investor in the Nashville Tennessee area and have 2 rental homes with atleast $40k equity and good personal income and a line of credit of $50k for my business and a credit score of 730. I am looking to purchase many more homes and need to know what is the best way to leverage it all with the banks as they want to pull credit each time they will cap it at 10 homes and i was thinking about getting home equity loans on each and have that money towards each new loan and put down the required 10% but then again i will have to ask them for the entire loan to and that will continue to lower my credit score so in the current forclosure market will it be safer for me to focus on buy and hold and rent or buy and flip? i am trying to do all this without using any partners and it seems that i am in a good place to do more investing. Any comments would be helpful as i am new to this board and have found it so far to be very helpful. Thank you
Has anyone ever done a loan and received cash back at closing? I was going to put an offer in on a house where I was to get money back at closing for repairs. However, the bank and the Realtor said they could not do this because it was illegal. I have read that banks do not like this because people will tend to get the money then either walk away from the loan or spend the money on something other than repairs. I don't think I've ever read anything about it being illegal though.
I remember reading in DG's think a little different that he received money back at closing after doing repairs on a fourplex. I suggested taking this route to the realtor but was told I needed to ask my "loan guy" if this would be acceptable. Has anyone ever done anything similar? Any good ideas?
you can leave th closing with cash back by asking for a repair credit on the property if there is work to be done or requesting and instant line of equity at closing, if the property is being purchased under FMV.
you can leave th closing with cash back by asking for a repair credit on the property if there is work to be done or requesting and instant line of equity at closing, if the property is being purchased under FMV.
When you say "ask for a repair credit if there is work to be done", do you mean to ask for money back so I can complete the repairs, because this is what I was trying to do and they said heck no! Or, did you mean to do the repairs and then ask for the money back?
Roni
PS - I hope you're enjoying CA. It snowed here in Montana today. I guess someone forgot to mention that it was JUNE!
Hi. i just recently set up my account and i am very impressed with the things i have read. the information i learned is helpful and informative. looking forward to Q&A once i finish the book. I'm currently on chapter 14 and hope to finish the book this week.Glad to see other poeple wanting more out of life like me. I am determined to be successful!
yes that is exactly what I mean, but if it is an REO and it is listed "as is" then no they will not give up the money so you low ball them with the explanation attached to the offer as to why yu are doing it. List the repairs needed and th approx. cost. They may not give you money back but they may accept the lower offer.
Yvonne
Its nice having you here and I look forward to hearing more from you
I've purchased a home a year ago that I now live in. I listen to the last conference and have been trying to proactive and purchase one or two properties before the next call. So, I looked at a couple of properties that I know will be good rentals but was denied credit with the credit union because I have too much debt, but a couple of my credit scores was 786 and 768. I thought about going to a hard money lender but before I do that, I need some suggests that would help me without having to have my credit pulled several times. I've also been looking for properties for sale by owner but the one's that I find, they don't want to hold the mortgage. Help!!
I've recently joined the group and am in need of advice. My goal is to get started in buying a couple of foreclosure properties with little or no money down(no money down preferrably). However, my debt to income ratio is high and my credit score is average.
Any advice on the most appropriate steps moving forward would be greatly appreicated!
I think I would go to a mortgage broker or larger banking institution before I went to a hard money lender. They're interest rates are very high and these loans are generally used in short term situations such as fix and flip. There are several different loans available out there and Dean covers some of these in his book in chapter 13 pages 174-175. With a good credit score (anything above 650 is what I was told) it is very possible to get the no income verification/no asset type loans.
Also, I thought this would be very interesting for others that use this site.
Streamlined-K Mortgage Loans
Like the 203K loan program, FHA has another program that provides funds to a borrower to fix-up a home by rolling the funds into one loan. The dollar limits for repair work are lower on a Streamlined-K loan, but it requires less paperwork and is easier to obtain than a 203K.
Bridge / Swing Loans
These types of mortgage loans are used when a seller has put a home on the market -- but it has not yet sold -- and the seller wants to borrow equity to buy another home. The seller's existing home is used as security for a bridge (also called swing) loan.
Try this website to learn more about these and other loans:
Roni's advice is great. But I would do my homework first. Read Dean's books and any other you can on investing, most of them will suggest you start with wholesaling or assigning contracts. The reason is, you don't need to qualify for a mortgage, you don't need good credit and no money out of YOUR pocket. Foreclosures are more complicated and take a little longer because you're dealing with banks or lenders and you have to have the cash or proof of funds.
__________________
Elena
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
It's always good to get new info added to the forums.
Rina
__________________
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
Has anyone ever done a loan and received cash back at closing? I was going to put an offer in on a house where I was to get money back at closing for repairs. However, the bank and the Realtor said they could not do this because it was illegal. I have read that banks do not like this because people will tend to get the money then either walk away from the loan or spend the money on something other than repairs. I don't think I've ever read anything about it being illegal though.
Not illegal. Ask the realtor what law is being violated. HOWEVER... if you are borrowing the excess (that you get back) from the bank then the bank MUST know about it. LYING on a 1003 is mortgage fraud.
The bank may or may not do it. You need to do the repairs anyway right? Hard to make extra dollars like that unless you are adding in yourself for a general contractor fee. (Or doing the work yourself, OFC.)
Offline
Can someboy help me with financing some opf my properties. I have been told I am going to have a tough time getting financing if I get over 10 properties. is this true or does somebody have some advice for me.
10 mortgages probably yes.. I believe that is the current number for conforming loans.
Then you need to get creative. But if you have 10 mortgagtes then it's a good problem to have
Is the only way to finance a Pre-foreclosure is through "traditional" practices? (ie loan) My credit stinks (below 500...just starting to get it worked out) so I wouldn't qualify for a loan. I've racked my brain trying to think of other alternatives. Any ideas?
Also, even after I pay off debts, how do I build my score up? I read somewhere on this site that even after paying off debts, she was having trouble getting her score up. Any advice?
Many thanks.
Have a Blessed Day,
Phoenx
We all are everyday Angels, so why not expect miracles? They're there...have you noticed or made yours today?
You can hire credit cleaning companies that for $50 a month they will go to work for you on all the negative things on your credit. You must get your credit cards at least below 50% balances and Do NOT close them. Really keep an eye on who is pulling your credit and you can go online google credit reports and there are services out there that you can pull you credit for free and it will not count as a pull on your credit. Mainly the top two hire a credit place I use Go Clean Credit out of Phoenix ask for Josh and also try to transfer balances or whatever you need to do to get those credit card balances below 50% of your limit.
Hi, I know that this may sound crazy but do not pay off debts. It actually lowers your credit score. I am going to send you to a website that will fully explain what i am talking about. Go to www.badcreditisgone.com This site is the best i have ever seen if you only want to better your score. They permantently delete everything that is bad or derog. Check it out. Cindy.
cindy REI
Does anybody know of any lenders doing refinances on properties with "no seasoning" meaning ownership less than 6 months. Any help is much appreciated. Thank you
NOW THAT'S THE QUESTION OF THE MONTH!!!, SULLY.
YOUR HERO, SULLY
of some one that can be of assistance. email me and I will forward it to you. I am in Cali but they may be able to lead you to where you need to be in your state.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I'm a investor in the Nashville Tennessee area and have 2 rental homes with atleast $40k equity and good personal income and a line of credit of $50k for my business and a credit score of 730. I am looking to purchase many more homes and need to know what is the best way to leverage it all with the banks as they want to pull credit each time they will cap it at 10 homes and i was thinking about getting home equity loans on each and have that money towards each new loan and put down the required 10% but then again i will have to ask them for the entire loan to and that will continue to lower my credit score so in the current forclosure market will it be safer for me to focus on buy and hold and rent or buy and flip? i am trying to do all this without using any partners and it seems that i am in a good place to do more investing. Any comments would be helpful as i am new to this board and have found it so far to be very helpful. Thank you
Has anyone ever done a loan and received cash back at closing? I was going to put an offer in on a house where I was to get money back at closing for repairs. However, the bank and the Realtor said they could not do this because it was illegal. I have read that banks do not like this because people will tend to get the money then either walk away from the loan or spend the money on something other than repairs. I don't think I've ever read anything about it being illegal though.
I remember reading in DG's think a little different that he received money back at closing after doing repairs on a fourplex. I suggested taking this route to the realtor but was told I needed to ask my "loan guy" if this would be acceptable. Has anyone ever done anything similar? Any good ideas?
Thanks,
Roni
you can leave th closing with cash back by asking for a repair credit on the property if there is work to be done or requesting and instant line of equity at closing, if the property is being purchased under FMV.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
When you say "ask for a repair credit if there is work to be done", do you mean to ask for money back so I can complete the repairs, because this is what I was trying to do and they said heck no! Or, did you mean to do the repairs and then ask for the money back?
Roni
PS - I hope you're enjoying CA. It snowed here in Montana today. I guess someone forgot to mention that it was JUNE!
Snow in June??? It was 105 here today! I wouldn't mind some snow right about now...
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Hi. i just recently set up my account and i am very impressed with the things i have read. the information i learned is helpful and informative. looking forward to Q&A once i finish the book. I'm currently on chapter 14 and hope to finish the book this week.Glad to see other poeple wanting more out of life like me. I am determined to be successful!
yes that is exactly what I mean, but if it is an REO and it is listed "as is" then no they will not give up the money so you low ball them with the explanation attached to the offer as to why yu are doing it. List the repairs needed and th approx. cost. They may not give you money back but they may accept the lower offer.
Yvonne
Its nice having you here and I look forward to hearing more from you
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I've purchased a home a year ago that I now live in. I listen to the last conference and have been trying to proactive and purchase one or two properties before the next call. So, I looked at a couple of properties that I know will be good rentals but was denied credit with the credit union because I have too much debt, but a couple of my credit scores was 786 and 768. I thought about going to a hard money lender but before I do that, I need some suggests that would help me without having to have my credit pulled several times. I've also been looking for properties for sale by owner but the one's that I find, they don't want to hold the mortgage. Help!!
I've recently joined the group and am in need of advice. My goal is to get started in buying a couple of foreclosure properties with little or no money down(no money down preferrably). However, my debt to income ratio is high and my credit score is average.
Any advice on the most appropriate steps moving forward would be greatly appreicated!
Thanks!
I think I would go to a mortgage broker or larger banking institution before I went to a hard money lender. They're interest rates are very high and these loans are generally used in short term situations such as fix and flip. There are several different loans available out there and Dean covers some of these in his book in chapter 13 pages 174-175. With a good credit score (anything above 650 is what I was told) it is very possible to get the no income verification/no asset type loans.
Also, I thought this would be very interesting for others that use this site.
Streamlined-K Mortgage Loans
Like the 203K loan program, FHA has another program that provides funds to a borrower to fix-up a home by rolling the funds into one loan. The dollar limits for repair work are lower on a Streamlined-K loan, but it requires less paperwork and is easier to obtain than a 203K.
Bridge / Swing Loans
These types of mortgage loans are used when a seller has put a home on the market -- but it has not yet sold -- and the seller wants to borrow equity to buy another home. The seller's existing home is used as security for a bridge (also called swing) loan.
Try this website to learn more about these and other loans:
http://homebuying.about.com/od/financingadvice/qt/0507loantypes.htm
Hopes this helps!
Roni
Roni,
Thank you so much for the advice! I will read those pages once again and I will look into the 203K loans as you suggested!
Again, thank you for your input!
Spencer
Roni's advice is great. But I would do my homework first. Read Dean's books and any other you can on investing, most of them will suggest you start with wholesaling or assigning contracts. The reason is, you don't need to qualify for a mortgage, you don't need good credit and no money out of YOUR pocket. Foreclosures are more complicated and take a little longer because you're dealing with banks or lenders and you have to have the cash or proof of funds.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Thanks Roni for such good advice.
Sylvia
It's always good to get new info added to the forums.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Not illegal. Ask the realtor what law is being violated. HOWEVER... if you are borrowing the excess (that you get back) from the bank then the bank MUST know about it. LYING on a 1003 is mortgage fraud.
The bank may or may not do it. You need to do the repairs anyway right? Hard to make extra dollars like that unless you are adding in yourself for a general contractor fee. (Or doing the work yourself, OFC.)