OfflineI know we can do this.
I want to buy a house that is listed for $12,900. It was assessed at $96,000 in 2009. I have no money to put down but we do own a small piece of land. Should I apply for a line of credit on the land to buy the house?
I am a mobile dog groomer, have been for years but we are new here so we are still building the business. Point is the bank statements will only show a very small amount of income. More cool hobby than income.
My husband is in construction so that has been on again off again in terms of income to show a bank.
There must be a way to do this with the tools I have.
Think!
Lauri
__________________
" The only difference between me and successful people is they started before me."
by Shane
Are you wanting to Buy this for yourself, then you will need to qualify for a mortgage. But if you want to sell to someone, go to your Buyer's List and connect with their wants. Read Dean's Books, do as you have done and post here to the Best Family in the World, The DG.com FAMILY! You are on the right path!
http://BruceThomas.bookmentioned.com
"Progress comes from the intelligent use of experience."
>Elbert Hubbard<
If you're planning to flip it and it needs work, consider hard money. Sounds like there is certainly enough profit in the deal!
Cher
Is the home privetly owned or REO.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
you have a lot more room to think a lot differently!
There are ways to take properties subject to the financing, owner financing, or lease optioning the property from the owner and doing a sandwich lease.
If its with a small bank, you may be able to get them to fund it for you with the terms you set. See Randy's journal about this.
At this point I have decided I want it for myself. I did consider hard money but I have not had luck finding a company. I am most of the way through that 65 hard money lender list. Calling every single one. When I am done I will post my results.
We looked at so many properties I don't remember if this one is bank owned.
Gotta find out.
A mortgage is only part way, I need a rehab loan. I may just get it and then look for a buyer or start working on it myself until I find a buyer.
Thanks all!
Lauri
" The only difference between me and successful people is they started before me."
by Shane
Hi,
Since you really don't need that much and the ARV is pretty high compared to the purchase price, I have to assume it is a desperate seller or a lot of work is needed.
To get the full purchase price, you could place ads on craigslist; in the proper forum here; offer a finders fee for others to place even more ads around craigslist (to increase range of exposure); and offer selling 100% returns to 20 investors. You sell them a $2000 partnership for $1000. You find 20 investors and you have $20,000 cash in hand. You fix or flip or just resell for more than all your costs and you keep the balance. You will need a loan agreement secured by the specific real estate. But, hey, this can get you hard money fast and it's a low price in for savvy investors. Who wouldn't want to make 100% on their money?
You can also contact every investor club in the state and the bordering states for the same idea.
By the way, do you have numbers and photos of the property? I would be interested in seeing what you have. I would be happy to pass it to my contacts here.
Never quit.
Dennis
Tommorrow comes regardless....so make it worth the wait.