Help!! Need financing on a home fully paid for

There is a bank out there that will give you the money.......at 85% interest

Perhaps you don't have the appraisal #'s that would warrant the banks doing it. Depending on how bad you need it, you might have to go to a 'strong arm' bank

Its really one of the only ways in this market. You will need to create a business plan for each property and present it and you should be good to go if you can show profitable numbers.

Banks are crazy, and aren't giving loans nowadays; even with perfect credit! Usually you'll need to keep 25-50% of the equity in the home of the appraised value the banks give you. If that's ok with you, you may be able to find a bank to do a loan, but you'll need to call around a lot to find a bank. Try a small local bank.

I however, envy your position. I did the thing so many investors did in the upswing and took equity out of my homes every so often and now I have one flip flopped house, and another very close due to taking the money out. I'd love to simply have the cash flow and only the normal expenses, taxes and insurance to pay on my rentals. Instead, the bank is making all the profits by me paying all the interest to them.

Have you looked into converting any of your old 401Ks from old jobs into a self directed IRA?

Check your small town banks, I have talked to several. They are a lot easy to work with.

Randy

Thanks everyone for the help; but yes I have spoke to so far one local bank, I am frustrated so I haven't spoke to any other; I just need some cash to buy more properties; this no money down thing not working for me; and my city has deals like crazy, foreclosures, Reo's, tax liens and the likes.

I can't tell you how many trips and banks I have talked to. But don't give up if you really want one to work with you, And I did not call I went to the banks.

randy

Seriously, if one phone call is frustrating you, maybe its a sign you're not made for this profession.

You've got people on here who haven't cashed a check yet, had been hung up on, had deals stolen from under them and you're stressed because one bank didn't give you what you wanted??? Wow.

No one's going to hold your hand here and coddle you so I strongly suggest you pick up the phone and keep calling banks, credit unions, loan sharks if you want to take advantage of all these deals like you claim.

Don't mean to come off like an arsehole, but two things

1. Only had one of my normal three cups of coffee from my favorite dominican diner

2. The trend on this site of people mentioning how scared and worried and fearful they are of picking up a phone or doing something that can benefit themselves is getting tiresome.

Sop, this is not a get rich, the first time things will happen type of business; for most its alot of trial and errors, more stress than happiness, and even after you've done everything, nothing is guaranteed. Either pick up the phone and do something or sit on the sidelines and watch others in bliss.

I won't be surprised if this gets deleted, but had to say this.

Try the Lending Club.
https://www.lendingclub.com/borrower/answerQuestions.action

All the advice from above are great. Just do everything you can. Randy said, he's not just call the banks, he goes there and negotiate. Elixbrown's message to you is very powerful. Very motivational. I have one thing to add. If you could try calling some Licensed Mortgage Loan Officers/Originators. They have access in lenders all over the US. One question, When did you acquired your 3 properties? There might be some Seasoning issues. Blessings to all. LA

If you are ready to give up after a phone call, you're never going to make it. Persistence is required. NEVER give up, take it out of the dictionary along with the word impossible. NOTHING is impossible, and your determination to succeed will bring you farther than anything else. Do you know how many credit accounts I've been turned down for? By persisting, I got 3 to change their minds. You can do it!

You can buy RE with a self directed IRA as well.

I heard of an ad online that they say will extend business credit to people regardless of their situation, so I am thinking that this *should* work for everyone. The number is 1-877-330-9750 and is a company in Oregon that deals with businesses including, I am sure, RE investors. Check it out and see what they say. God bless and let me know what they say. Sincerely, Edie Wiske.

But if you have no other options, use them for six months and try and refi as soon as you can

Wow! 3 homes , no mortgages and tenants. Nice job! Depending on the value of the property, you're in a great position. I suggested this site before, check it out. www.moolahlist dot com

P.S. If you're serious interested, let me know if you would like to provide a hard money loan to me on a future deal

Thanks everyone

When did you acquired your 3 properties?

I acquire them last year, before I knew about Deans program

Elixbrown's message to you is very powerful.

Sorry I didn't think so....

Thanks rababao for your help.

Believe me I am not a quiter, I came to this country with nothing but a suitcase. I get frustrated and then I get back up and go; I have already accomplish a lot in life so this is nothing, when I say frustrated I don't mean quitting! never. Thanks for your encouragment.

Thanks for the website. I will try it

Thanks appreciate it; I will let you know

All three together value $514K

Which state are you located?

The Lending Tree only offer a maximum loan up to $25K

Had you considered selling to your renters on a land contract. If you have that in place I can purchase the contracts, giving you cash now.

Cher

We live in a town of 2500, in Kansas and the banks aren't lending without a pristine credit rating 725 + up. Even though they know us and have the money from our business in their bank.

We have good credit and verifiable income and have had to resort to hard money. But I don't mind that to tie up a good deal.

No not selling right now, looking to purchase more rental properties, and that's why we need the cash flow; many deals in my town so we want to make take advantage now until the market is back up.

Thanks everyone for the information you provided; today I contacted three hard money lenders now I am waiting for them to get back to me; they all do business in my area. Actually got them from Moohalit website, Thanks again; will keep you all informed.

Is that my twin on here again raising a rucuss. Good words though. This is not a business for people who take no for an answer. Hell, if that were the case, I'd be wrking and not posting here. Well said my friend...Jan

sop1rey2- Take Elix's advice. He speaks from experience. Don't let 1 know get in your way. Go out there and get the $$$$. You know there are ways, I know you do or you wouldn't have 3 props under your belt...Jan

Its all good me and Sop spoke after she cursed me out and talked about my mama lol

Sop, you sure one of the houses you have that you like the least you don't want to get rid of to free up some cash???

I don't like any of them I like the cash flow it brings in my motto "in this business, never get attach" in my area right now I rather hold on for a while, if I find a NY buyer with a good offer on any (New Yorkers come to CT to purchase big time!!!) I will let it go; I did get one at the auction for $11000 a while back and a New Yorker ask my realtor for a 4 story multi we offer $39000 he took (needed major repairs)the offer Nice profit then we buy more house. But right now I am working with one of the hard money lenders, so let's see where it goes. Thanks for the advice.

Did you get your HM lender from Moolah list? Let us know how it goes and if you could recommend them.

Thanks,
Bruce

Hi,
Sorry for not giving you any advice while i'm congratulating you on your accomplishments. I also have a paid off property i bought two months ago and rented it for $1200.00 but i'm still looking to get some kind of loan to buy more properties but i am having a hard time. I will keep calling and keep looking!
Good luck

Yes from Moolahlist; I am working with someone at the moment I will let you know.

Thanks everyone for the info, currently I am working with a broker, she's working on my hard money loan for a 4 unit I want to rehab and also a refinance on a already rehab 2 units, which I have no mortgage on as well; my intention is to purchase more with the cash I get out of the already financed home. I will definately use this broker again for future business as she is very professional and know what she's doing; hoping all goes well and these two loans come through will keep you posted