Financing and Credit

Opportunity is out there among us. We all know this. I would like to have this post established to assist people on who to contact for pulling out equity on properties that close that have instant equity due to the agreed upon purchase price vs. the appraisal price.

What banks are doing this in today's market and what are their criteria? I have not looked into this path but I know someone on the site knows this answer.

Real Estate Notes and Land Contracts

Real estate notes and land contracts are used to document the sale of houses, commercial properties and vacant land. Other common names for these contacts include real estate receivables and seller carry back trust deeds. Seller carry back refers to a type of private financing where the seller acts as a lender. Realty note holders can elect to provide full or partial financing to expedite the sale.

Note receivables are valuable assets that can be sold to private investors. When drafting contracts is it important to be aware of strategies which can maximize cash flow and return on investment.

Here are some stats about the amount of cash buyers that are out there. Charlie

Buyers are paying cash residential real estate

Nationally, all-cash offers accounted for 22 percent of the market during December 2009, according to data from The National Association of Realtors. For all of last year, all-cash offers represented 8 percent of the market, up from 7 percent in 2008, says Walt Molony, an NAR spokesman.

The trend appears to be led by investors, who have few viable lending options now, says Guy Cecala, publisher of Inside Mortgage Finance in Bethesda, Md. In recent months, 98 percent of investors’ purchases of distressed property were completed in all-cash deals, says Cecala.

I dont want to sound like an idiot but how is owner financing and a lease option different?

I live in California and I have talked to two lenders and one real estate agent who have told me that banks will not give you a loan if you are carrying more than 4 mortgages...and I currently own 4 investment properties and have good credit!

I contacted a community bank and at first it sounded promising, but then they failed to follow-up with me, probably due to the change in rules. I am still trying to follow-up with them to find out exactly what happened.

I am currently working with a mortgage broker who is doing a "feasability study" to see if he will finance me based on my rental income for the last three years. I am keeping my fingers crossed to see if this works out since my rental income does not look consistent for the last four years.

I am writting up a business plan and going to take a shot at it. But the question is: Has anyone applied for Hard Money Loan without a job and bad credit? I have read that there are plenty that dont mind bad credit but what about no income coming in? Looking to start up a Small Business dealing with reos

Hello, I am wondering if there are any Lenders out there that are willing to be in second position on small loans. So far I have found that they want to be in 1st. I bought a house and ended up with the seller financing all of it because my lender would only be in first and the seller would not go for that. It works better for me this way but I have other deals I want to do and am wondering if there are any lenders who would do small loans, between 5 and 20 percent as a second place holder?

Thanks~
Michelle~
If you do not believe in yourself who will?~

I recently came across a website where you can post your financing needs and find what loans are offered in an area. It is a new website that is up and coming, infact, I have seen that only a few states have postings right now. However, I do feel that in the near future it will be a great way to post your needs and find investors. The website is www.lendpost.com.

I was contacted by this company saying they got my name and number from the Dean Graziosi program and that they offer financing and want me to run my credit report for them and all. Has anyone heard or them or had any experience with them? THANKS

Hello Dear Family;

I'm looking for financing for my second mortgage for my home....they are not going to renew and have given me 6 months extension to find financing or they are going to foreclose....(my story is under The Quest in members journals)
I need $68,000...does anyone know any honest financiers I could contact, private or other, that will help me.....my credit is not great.....but, that has only happened in the last few yrs from the economy downturn.
Any info would be greatly appreciated.....help me save my home!

grant