OfflineHello, I have been a member since last April. I read Dean's book and signed up for his class and took it. At that time I actually had some options of my own to buy Foreclosures, REOs, short sales and so forth. We looked at probably 10 foreclosed homes. At that time I had a HELOC on my own home with quite a bit of equity in it.We were in discussion with a realtor on a bank owned property when, on the same day we were going to write a pa up, we get a letter from the bank holding our HELOC explaining: Due to the market conditions in your area, your home is no longer worth the value it was appraised at in 07. your LOC is no longer valid, tear up your checks, and the rest said basically make your payments blah blah blah. I had "The Team" coming together, a good realtor, a good mortgage broker, when this happened. I am and was currently self employed and now with the economy the way it is, my Broker says NO WAY to do stated income loans anymore. I have talked to a few hard money lenders that seem to be harder to deal with than banks. Long story already so I will cut it short, more to the story but I think everyone gets my point. My question to any of you:Has anyone else gotten through the No No No and actually found a deal and it worked out for them?? I am normally a positive person . right now I need my glass to be half full again. any comments would be greatly appreciated. Thanks. Takeachance
I need my glass to be half full
Posted on: Sat, 01/31/2009 - 06:33
1. Wholesale. There are numerous threads on assignments and wholesaling. You should also to listen to the most recent conference call. Andrea & Chip conveyed how they started with no money down.
2. Ask family. (Also talked about in the conference call and something I recently did as well). I have a similar background to you (stable, savvy, entrepreneurial but not "bank material" despite my high credit score). Chances are you know SOMEONE who has some money, or access to money (in my case, my mother took out a HELOC for me for my most recent rental property) who either does not want to personally get involved in real estate but believes in you and what you are doing whom could help you on a first deal for perhaps a vey small fee, or maybe only their costs if they are family.
You HAVE to JUMP in and DO IT!! One thing Dean said on one of his videos that stuck with me was if you find a deal so unbelievably good that it is almost hard to believe, YOU WILL FIND A BUYER. I found what would be a perfect vacation property 1/2 off and "sold it" to my pessimistic boyfriend who had previously conveyed to me that he could never afford a second home and things were really tight at the moment. Well, guess what..the deal was too inviting and he decided he may as well have his money in something he can enjoy and sold some stocks from his retirement portfolio. I suspect there are lots of other people out there who are sick and tired of the stock market (I used to be a Stockbroker) who might do the same. Find one amongst your family or friends.
Good Luck..Kate
"Whether you think you can or can't, you are probably right" Henry Ford
HELOCS are a great way to acquire properties. Is the bank right?? If not, then shop for another HELOC.
Obviously, if you dont have the equity then you need to find another way.
GL
Mark
Thanks for your response. As far as family goes, no deal. I probably have better credit than my parents, and my in-laws (both my parents and my in-laws) are from the baby boomer era. I am also in the midwest where the baby boomers are 99% negative. They also believe the: get your 30 yr mortgage and just work your dead end job and live unhappily ever after to pay your bills.I did have 1 experience with a hard money lender, after looking at blogs on this site I see I did it all wrong, HE was in control, Telling me what percentage he wanted off his investment and I was to cover and do all the repairs. What I should have done is locked up the deal and assigned it. Knowledge is power. It has been a while since I looked at foreclosures, kind of had the "poor me" attitude. Things have never been easy for us, but looking on and being part of this site gives me inspiration. Thanks again. Matt
No problem..
I'm in the Midwest too~Ohio. Which state are you in?
There are still many people who have money to invest..have you tried a Real Estate Investment meeting yet?
I firmly believe my quote..start visualizing your first deal and it will materialize if you focus on it. And be sure to read CBR's thread on assignments and how important it is to start building a buyer's list so you can easily sell the awesome deal you are going to find.
Make sure you post on your progress and don't give up. REI works! Kate
"Whether you think you can or can't, you are probably right" Henry Ford
Why only 1/2 full???
I am in Minnesota. I have not been to a meeting yet, bet have looked into REI clubs and locations that would be close to me.If the amazing happens, I will be sure to post the outcome here. Thanks again. Matt
I have to get through the clouds before I can shoot for the moon!!
Hello, I am not sure if the bank is right on my Appraised value, I have not had another appraisal done since my broker says it is impossible now to do stated income loans. Thanks, Matt
Once I had my glass completely full and it started to overflow I realized that my glass was way too small!
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!
I am attending my first REI group Monday night. I found them through www.meetup.com. They list all the meetups in your area for whatever subject you put in. Give that a try and see if you find anything near. You can specify how many miles distance from your town.
Stephen
hahahahh..You, my friend now have a tankard... A tankard you created for yourself.
Excellent point. I see you are always thinking outside the box.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote