Financing and Credit

It’s the age old question in real estate, Do I get a hard money loan or should I get partners?

I need help. I am in a tight market area in Calif that requires POF letter before accepting any offers. So it is a vicious circle as I cannot even tie a property up without the POF letter. I cannot qualify for the letter myself and do not have a LLC. Our area will not accept the explaination of we will flip and have a cash buyer. They want proof upfront.
Is there anyway to get the letter so I can lock it up?

Okay, I understand what "other peoples money means. But I was trying to see if I can get some help with this question. How can I take advantage of this method? Let me say first that this is hard for me to do because of my situation. Here, maybe Im lieing to myself or maybe someone was in the same place and figured out how to and dont mind showing me how.
Here's my factors why maybe this method might not work for me. Due to past layoffs and used up all my savings, heres the list.
I have very bad credit

Whether it's called a loan modification, mortgage modification, restructuring, or workout plan, it's when a borrower who is facing great financial hardship, having difficulty making their mortgage payments and is facing foreclosure, works with their lender to change the terms of their mortgage loan to make it affordable.

The workout plan varies by lender, but changes could include temporary or permanent changes to the mortgage rate, term and monthly payment of the loan, the past due amount could be rolled into the loan, and the new balance re-amortized.

Randy Bailiff
Dean Graziosi Investment and Life Coach

Hello to all you wonderful DG family members out there.The info that i had on a 401k that i have was burnt up in a fire.Sure would like to use those funds as a self directed 401k for rei.Any idea's,hint's,help on this?Thank you.
All The Best
Chuck

I have been working with a new agent recently and she has given me all the lists that I've asked for and I have gone over them. I have a list of "cash solds" that I will be mailing letters out to soon. I have narrowed a "for sale" list down to 7 properties that I want to make offers on and I've ran the numbers to get my offer prices.
Now - my agent just emailed me and asked if I would be sending a POF letter with my offers. How do I answer this question without sounding like the broke newbie that I am?
I have found a transactional funding source that provides unlimited POFs for back to back closings, short sales and REOs but these properties are from actual sellers. I don't have any money and I have not been very successful at building my buyer's list.

I am very frustrated. I have 4 different "investors" who have recruited me to find good deals in the Dallas/Ft Worth metroplex for them. I have found SEVERAL, and when I present them, they all just drag their feet! I email the details, and they don't even bother to respond. One that DID respond told me it didn't fall into the "65%" guidelines they stick to so the deal is no good. Yes, Dean's books are awesome. Yes, he gives great advice on the best formulas etc to focus on. But if you are trying to make money, why don't you fall back on one of his first programs, and think a little different?

I am negotiating the purchase of a mobile home park. The seller has agreed to sell for $300,000.00. He will also finance the property with $60,000 down. He will not accept a substitution of collateral for the down payment. He needs the money. The park nets appoximately $80,000 per yearand has upside. He is trying to work with me, but I do not have the money, and my credit is currently weak. Does anybody have any ideas where I can get the $60k? I do not think the seller would give a 2nd position mtg. Thank you.

I was reading through some forums dealing with financing and credit and saw a question asked that I thought would be worth starting a new topic on.
The question was how do I find banks who will be more likely to work with investors to establish HELOC's and are more liberal in lending out money.
Here are some specific directions that should help.

How To Find A Bank Today!

Step 1. Go to yellowpages.com.

Step 2. Type in “your city” and the word “bank”.

Step 3. At least 25 pages of banks will come up in your city and the surrounding area. Write down all the smallest banks or banks with the word “community” in the title. If you don’t recognize the name of the bank then write it down along with the phone number.

It's been highly recommended that we find a bank that will do No-Season Refinancing. By doing so we can refer our buyers to this bank so they can get their money out of the property they just bought and put it into a new one. This will be so valuable if we can find a bank that does this. Does anyone know a bank in California they can recommend that does No-Season Refinancing?

Thank you,

Greg