Financing and Credit

hello, my name is Keven and I'm new to the realestate scene. My question is what is what steps I need to take to start cleaning up my credit and do i really need good credit to purchase a property.

I have a chance to work with a new private lender who wants to do some JV and findings. He has friends and family in the industry but do not want them to know his business because they will start harassing him. Anyone ever dealt with this or have any suggestions so I can do some research before I talk to the attorney's and accountants.

Any interest from a Private Lender to make a quick (90 days or less) $5200 on a loan of $65k? Investor in the Chicago area needs it for an apartment building deal to close by 8/28. I should have all details later today (8/17).

Please, please let me know if there is any interest.

Thanks in advance!

Linda

Hello DG Family,

I am currently looking for someone to team up with to do a pre-hab. This is one of Greg Murphys famous Knock the ugly off techniques. I have been successful at doing this 3 times now and I would like to make it my 4th.

Here are the details.

DETAILS
Conservative ARV $70,000
Purchase Price $24,000
Estimated Rehab $17,000
Bed 3
Bath 2
Sq/ft 1083
Taxes $994
Lot Size 21780
Garage None
Basement Crawl Space
Year Built 1965
Fireplace yes
Laundry yes

RULE FOR RENT DONE MONTHLY
Rent Rate $800.00
Taxes $82.83
Management @ 10% $80.00
Insurance $66.00

This is a good and short article on how to raise money. Some things it talks about are:

A mistake made by many investors is raising money through a Nevada entity without proper registration. This is a path to jail where you will not pass “go” if things turn south for your investors.

and

Unfortunately, to stay completely legal (out of jail) you must also be mindful of state and federal securities laws.

and Remember, ignorance of the law is no excuse and even an innocent mistake can lead to court and likely jail.

http://www.biggerpockets.com/renewsblog/2011/01/06/raising-money-for-you...

Hi All,

I'm looking in investing on my second property, the problem with this is that I do not have much $ for the down payment/closing costs.

Generally the homes I'm interested in around OK areas run anywhere from roughly 300k-500k.

I spoke to my broker and he said the following:

"I will not be able to do another FHA loan for you, so if you're looking to purchase another 2 family, it would require a minimum of 10% down. The 2 family would also have to be bigger than your current 2 family in order to justify owner occupancy. Otherwise, it will be considered an investment property requiring you to put at least 25% down. On a 1 family, I can do it with as little as 5% down."

I am starting this topic in order to determine where I go from here. Also, because I know there are some others on here who've contacted me and have experienced similar situations, so the information will benefit them too.

Has anyone had any success in refinancing a property that you acquired under your LLC's name?

I have a house that we bought 6 months ago and paid all cash. We want to take that money and re-invest in another property. I'm a little confused, what is best to do a refinancing or a heloc? Any suggestions will be greatly appreciated.

I am in the process of locating an equity partner or private lender on a strong deal in Indianapolis, IN. Willing to negotiate. If interested, please PM me for more details. Thanks!