OfflineI am a startup real estate investor and am in need of a hard money lender, or someone to financialy back me. My credit score isn't the best mainly because I've never realy purchased anything before. I do not have the capital to help me fund projects, and I cannot afford a monthly mortgage. I was wondering if there is anyone that would like to be my backer, or if they know of someone that would. I have contacted hand fulls of investors, mortgage brokers, etc to lock one up and as soon as my credit score comes up, or that I have to have so much in personal assets the deal gets broken. Can anyone help me in any kind of way. I greatly appreciate it. Good luck all.
Dirk
Paris,IL
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Credit is tighter, hence the so called "credit crunch". You can still find lenders who will write no/low credit mortgages provided you have the income to support the purchase and/or you have enough to put down to secure it, you just need to look more. Generally the smaller outfits will be able to flex more than a bank.
Two options assuming you can't find a lender... ask the lender to carry the loan or start with doing reassignments to get some liquidity to put down hard money.
Hello I am new to the program and would like more information and the step by step proceedure on reassignment. This is important to me because I need to generate enough money to invest in real estate. Please can someone help me with this information.
I have tried to obtain this info as well. I only get general info, no details. I even get the same answers from my local lawyers. I honestly dont think assignments really happen in the real world!!!
Don't Wish the Past, Create the Future! - DH
The first step in assigning a deal is calling some of the title companies in your area and asking them if they have ever done one. If they have been involved with one they will help walk you through the details. If you hit a brick wall then consider setting up a double closing. Which can get you the same results and most title companies are very good at double closings. Again, ask your title company about the details-they will help you. Also, if you do assign a deal let your real estate agent know after you lock it up what you are trying to do. Be prepared to get some resistance. Educate your agent on the process. The second thing to do is create a list of investors actively seeking real estate. Real estate agents can help you with your list. Many times they know investors. Once you get to that step let us know and we will take to to the next few steps.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
My question has to do with the financing.I sat with my broker today
to work out the option details.His question to me was,how do we show
the lender where the option fee money is coming from, when I credit it
back to my end buyer at the closing?
Hear is my example: A $250K HOUSE that I contract to buy from the
owner for $230k and L/O it to my end buyer for $250k.Lets say I
get $10k in option money and tell my buyer I will credit this money
back to him at closing.When I assign the contract back to the home
owner,how do we justify to the lender where the $10k came from?
Using this technique,I never take ownership of the home.
Thank You in advance for any help!!
DON from NEW JERSEY
to work out the option details.His question to me was,how do we show
the lender where the option fee money is coming from, when I credit it
back to my end buyer at the closing?
Hear is my example: A $250K HOUSE that I contract to buy from the
owner for $230k and L/O it to my end buyer for $250k.Lets say I
get $10k in option money and tell my buyer I will credit this money
back to him at closing.When I assign the contract back to the home
owner,how do we justify to the lender where the $10k came from?
Using this technique,I never take ownership of the home.
Thank You in advance for any help!!
DON from NEW JERSEY
I am a little confused as to your post but will try to answer. You are LO from the owner correct? That is how you never take ownership of the home.
If you are talking about giving the T/B a rent credit, it is used as the down payment (if the lender allows it) or to reduce the purchase price. It is simply a credit, paid out of escrow. That is all the title company needs to know.