Financing and Credit

Hey guys new investor here and I would like some advice on where to start. I have excellent credit and down payment money but currently do not have a job. Would you guys suggest I go hard money lender route? I have looked into an AZ hard money lender (currently where I reside) dohardmoney.com but I'm just confused on exactly how all this works. I know I'm not supposed to listen to the Nasyaers and negative people but everyone around me is advising hard money is NOT the way to go. I am just so eager to get involved in the game but just need to be directed down the right path. thank you all for help!!

Will

Our latest fix and flip was scheduled to close this week however today we were informed by the bak that a second appraisal is required since the house is a rehab.And they want us the seller to pay for it! Has anyone else ever heard of this? They are also insisting on a detailed list of repairs that we made to the house.
The new buyer has already paid for a home inspection and a appraisal for his loan. What else will they come up with??

We will consider 100% funding of qualified projects on a joint venture basis (short term) on projects requiring a funding minimum of $25 million.

Client must have complete business plan with pro forma projections and feasibility studies suitable for bank purposes.

Client will also have bank relations sufficient to obtain a line of credit where our funding provides the full, cash backed bank guarantee, bank to bank, for 108% of the line of credit to pay all interest and bank fees thus providing full security for the lending bank. BG will be issued by an AA rated Western European bank.

This is done at no cost to client.

Bottom Line:

*Client has the benefit of getting the Bank Guarantee for 108% of full funding amount of the project at no cost to him.

Hello to All:
Last week I mentioned in one of my threads portfolio lenders. I wanted to give a further explanation of what this is. The definition follows here:

"An institution which is lending their own money and originating loans for itself is called a "portfolio lender." This is because they are lending for their own portfolio of loans and not worried about being able to immediately sell them on the secondary market. Because of this, they don't have to obey Fannie/Freddie guidelines and can create their own rules for determining credit worthiness. . Usually these institutions are larger banks and savings & loans.

Has anybody ever used a credit card to purchase a house before? If so, how does it work? Can you provide some guidance and details into the process?

I am interested in a house that is 50K and my credit line is large enough to cover this amount but I am not sure if I should go ahead and do it. Are there any pitfalls that I should watch out for?

Hello DG family,

I ran into a challenge after I purchased my fourth buy, hold, and rent property where I had a difficult time finding lenders who were willing to refinance the property even though the Fannie Mae guidelines allow up to 10 properties to be owned including one's primary residence. I eventually found one lender who would work with me as long as I had 6 months of reserves for each property I already held. The question I have is once I hit the magic number of 10 properties owned how do I get financing at that point? Getting private funds to get the deal started would not be an issue but how would I refinance to pay off the private lender?

Thanks!

Tony

Hello To All:
I have been fielding alot of calls lately from DG'ers who want to do deals in Southern California.

I always make it a point to inquire as to why they need to call me as opposed to just dealing local.

The answers are always different but surround the same situation. There are not alot of hard money and private money lenders in business anymore.

I decided to work on locating one who could do deals in Southern California and I found one and I am now a registered broker for them.

PM me if you need funds for deals in Southern California. They specialize in deals in Orange County, Los Angeles County and San Diego County.

Now before everyone begins dropping me notes, allow me to say the following:

I purchased a property earlier this year which needed a little work however it had a long term tenant. The tenant pays on time every month and I own the property free clear because of your guidance. I paid $16.8k for the property and the current value is $56K. I need $15K to complete the last bit of work. The City of Milwaukee is very strict so I have to have all of the work completed by Aug 16th or I will be fined. Is there anywhere that I can borrow against the house to complete the work?

Sincerely,

Andrew

There is a broker on here from Mig Funding. I looked at the site and I noticed that a personal financial statement is required as well as a schedule of real estate owned.

I also noticed that anyone who has $199.00 can become a broker for them.

My question is has anyone else looked at this funding source and what are their thoughts.

Hello To All:
In reading many threads and posts here, there seems to be some confusion or could end up that way in the minds of some community members with regard tot eh different types of financing and what they really mean and require, so I am going to explain the basics of several.