Financing and Credit

I have read Dean's books, watched videos, and done a ton of research on my own for real estate investing. I have flipped a number of houses over the last 10 years, but always with one, not very large funding source, which gives me not enough to live on. I really need to find a good private lender with reasonable terms that won't eat all of my profits, but feel like I am spinning my wheels. Is there a marketing technique to attract private lenders, or does anyone have some to refer to me that will lend in Central Florida? I need to get buying houses and have reached a huge bottleneck!

Thanks
Mike

Hi Guys,

I live in Australia and have purchased 6 properties in Ohio which currently have a NOI of about 20% on average which is great.

My problem is that I am cash poor at the moment and I was wondering if anyone knew of any financial institutions or alternative ways that I might be able to get financing to purchase more properties?

Many Thanks,
John

I recently attended one of Dean's free intro sessions. One of the things mentioned was that there are grants available to purchase properties which are to be rented to Section 8 tenants. Does anyone here have any experience with or information about such grants? (I contacted HUD but they weren't very helpful.) There are lots of possible suitable properties available in my home county right now, but I have no money to purchase them without accessing my deferred comp retirement money.I may ultimately do that, but of course a grant would likely be my first choice.

Any info or suggestions will be appreciated.

Hello DG family,

I ran across this article, and hard money scams are VERY real. The moral of the story is to not EVER pay ANY money upfront EVER!!!!

I actually had a guy try to ask me for these same 'due diligence fees'. So, they are not just on the East Coast. The article is below:
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Hi, my name is Robert Woodruff, I’m the President of the Charleston Real Estate Investors’ Association. I’d like you to pay close attention to what I’m about to tell you. The information you are about to receive in this blog can mean the difference between achieving your dreams, or suffering your worst nightmare.

I have never bought a place to hold or to fix and flip.
Found a super nice place, only 1300 sq ft house, but nice, with a couple acres in the country in very good location, and it is a Freddie Mac foreclosure.
When checking into financing, since I can't assign this, I have found I could get the loan, plus repairs, but have to live in it for 5yrs.
Are there ways around this. I actually could live in it for a while if needed, but I do have at least 3 people now asking me about it. However they can't buy, but could do land contracts or enough on payments to give me a cash flow.

A must read in my opinion

http://firsttuesdayjournal.com/january-article-of-the-month-the-due-on-t...

A great source for private money is Private Money Exchange. Multiple private money lenders to provide funding. Check out the available information by filling out the form in the top right of the following page:

http://www.privatemoneyexchange.com/eoneill/

Check the area for "...information about borrowing money." Private Money Exchange will provide the information that you will need to follow to find private money funding for your deal through their vast pool of private lenders.

Be sure to check it out and good luck!

Eric

I'm working on my first deal. I've done my homework, and I worked up a presentation for private lenders, since my credit stinks. Two hours after sending it to a lender, he agreed to fund 65% of the money I need. My question is, if I find someone to fund the other 35% and can actually make this deal work, what do I do with the second lender? I'm sure nobody will be satisfied being in second lien position. Is this where I'd add BOTH lenders to my LLC ?

Can anyone help me with financing a down payment of $30,000?

Please give me a call at 408-826-8138 ASAP!!!!

Phillip

My husband and I attended pre-event in Jefferson City, Missouri a couple of weeks ago. We was told about The Grant Passport Programs. Has any on heard of it. We wanted to purchase a rental property in Ohio. We do not have any money or good credit. We did create an account with Insiders Cash. Could someone provide information.

Thanks,

Jon and LaQuisha