Financing and Credit

Getting Started in Real Estate Investing

Most beginning investors allow the lack of financing to be their easy excuse as to why they haven’t done their first deal so they continually seek to learn more about ways to finance deals. This brings up some interesting questions . . .

What is the most important thing to focus on as a beginning real estate investor?

What’s the secret to getting started?

Should you seek financing options and put everything else on hold or should you start marketing aggressively to get your first deal under contract?

If you choose the second option, what if a seller accepts one of your offers? What are you going to do then?

If you are planning on selling your flips to FHA buyers, you should understand what an appraiser/inspector for FHA looks for and what could prevent your property from qualifying for the buyers FHA loan.

This list is for reference only and does not guarantee compliance with FHA Minimum Property Requirements. Minimum Property Requirements are to insure the health and safety of the occupants and/or the marketability of the property.

That said, here is the checklist/guidelines:

Site Hazards and Nuisances

Presence of the following may indicate unacceptable property condition:

Sinkholes
Active or planned gas-drilling within 300 feet
Within 75 feet of operating oil/gas well with no visible mitigation measures
Abandoned oil or gas well within 10 feet
Slush pits

Hi DG Family! I need help finding private money lenders to help with funding my deals. I have one in the works now on a 12 unit apartment building grossing a little over 80,000 annually, but i need help on financing. is there anybody that can refer me a private money lender or tell me where to find them? please help!!

ThanX!
Johnnie

I came across this link while reading an article on Yahoo. You can get your free score and report every 6 months, so it's a great way to track how you're doing.
Use it along with the one free credit report you get per bureau each year through www.annualcreditreport.com to stay on top of your credit.

"Take advantage of free consumer education resources at sites like www.Quizzle.com, where you can track your credit history and credit score for free (without a negative impact on your score). They’ll also help you monitor your credit and have tools that offer you protection from identify theft and other nefarious attempts to use your credit unlawfully."

Aiming for 850...

I have a house that I am in the process of selling where I offered owner financing. If you or someone you know is interested in purchasing the note please send me a message.

Hello all; I'm trying to find refinancing for my home before they foreclose. I'm not behind on payments, they just dont want to renew mortgage because they say I no longer fit their criteria. Does anyone have any suggestions of who I could try? Banks wont help....I'm self employed and credit score only 558...any advice is extremely welcome!! Thank you all.

Hello. I am still new to this. (I haven't even bought the book yet). I am contemplating purchasing it today with my last few dollars but I am skeptical.I notice that there are claims of having to put no money down (which is appealing to me because I am broke, lol) and my father, who is into real estate always tells me I am making excuses about needing money to make money and brags to me about deals he has made for 20,000 profit with no money in his hand. These deals of course did include someone who DID have the money. I myself do not know anyone I can borrow from (other than my dad) and do not have hardly any money to start off with.Im tired of borrowing money from my father and would like to try to do this myself. Even though I know he would be willing to help.

I think this is the hardest part, finding a source who can give you proof of funds. I think Dean's Academy should provide students who have paid to be in his coaching a proof of funds letter to go out and start making cash offers. This would make it alot easier to make offers and get past those initial roadblocks to success. It's a small road block, but to someone who is starting out who knows little about Real Estate, it can be a huge hurdle to overcome.

Good morning! I am about to sign off on a funding source that requires $1500 down to begin the process. His contacts fund residential and commercial 50k and up. Quick turn around with first deal 10-14 days and after they are comfortable 3 days. Has anyone ever dealt with Jack Peters with Asset Buyers Consortium, LLC out of Covington, Ga? I know $1500 doesn't sound like a lot but it is to me...thanks, Brad