Financing and Credit

What exactly is the process of getting a hard money loan and how do I apply it to a deal? I plan to do a double close. I have a few possible deals, and properties I would like to place offes on. All for assignment. I have my end buyer(s)lined up when I lock something up. When I get proof of funds from the lender and submitt my offer and it is accepted. From this point how does the hard money loan kick in? Do I call them and tell them my offer has been accepted or is it automatically put in process by the bank who wants the funds?

Has anyone ever heard or used of Credit Card Builders to get unsecured credit using your LLC business name? This came to me through the website--Landlord.com. He claims to have $80,000 - $100,000 of 0% interest for 12-18 months on credit cards to get capital and build your credit--with an upfront fee of $2,500.

Does anyone have any thoughts, comments or heard or used these guys?

Thanks,
Julie

So I applied for my Duns number and have been waiting to receive it for about a month now which they said it will take 30 days... Still haven't gotten it so I called them today and asked them for it. They gave it to me and said this is an unvalidated number. The only way I can get validated is to purchase their credit builder program. So I said I'll think about it and I went to try and enter my info for an eupdate password and it wont let me... Says I need to call b/c they need more info...

So with banks tightening down, how are we (as investors) able to stay afloat?

I have been in contact with several mortgage brokers and they all say it is impossible to put a property that is currently in your name, into your company name, and then refi it. and said they won't refi it if is in a company name anyway. They also said, that across the board (all banks that they work with) there is now a 6 month seasoning term on refi'ing investment houses.

So with this, it cripples my RE investing business. I can't do another deal cause I cant refi to get the money out.

Hey I found some awesome info on business credit and how to do it the right way. It's called http://gboogie.net

He has free videos and free info... Look up all his videos on youtube under gboogie...

Let me know what you guys think!!

Thanks,
Shaun

A few concerns of mine:

In order to "cash flow" a rental property with a mortgage, the mortgage must be no less than 20-30 years depending on the amount borrowed against the property. Assuming the amount is six figures, to cash flow, the loan would undoubtedly have to be at least 30 years just to make the payment small enough to allow a renter to pay rent equal to or higher than monthly loan payment. Some banks have a minimum they will loan in terms of years based on the amount of borrowed. They won't loan 10K for 30 years or none that I have located at this point.

Thanks to this board and Dean's books finding a HML is a little easier than I thought.

I've been going through CL and calling anyone who sounds okay.

Just today I found 2 that want a down payment (10%) and 1 who is from the same area who will do 100% plus rehab costs!!

I also found someone, by accident, who buys wholesale. He said he can help find me buyers to assign deals to.

I can't wait for my first deal. Now that I have some funding I will make a few offers!!

Hello DG Family!

Where do i get a proof of funds letter? I need one asap or the bank won't even talk to us.

I am looking for someone who may have an inside number for Countrywide's foreclosure department.

The reason is I have a friend who is trying to place an offer on a foreclosure and the realtor assigned to the propery by Countrywide refuses to place her offer.

The property is listed for $152K. She wants to offer $70K because of extensive repairs needed. HAs sat on the market since last November of 2008.

So she tells him the property has several thousands of repairs that are needed and she needs the current appraisal- BPO appraisal. She offered around $70K...comps at $160K.