Financing and Credit

Hi my name is Julio I am 18 years old and i have recently bought deans book and found it Very interesting and i was wondering how i get a loan from the bsnk or anywhere i can get a loan when i have no credit score.

Let me first start with introducing myself my name is Dave. I just graduated from the University of Maryland Robert H. Smith School of business and am currently looking for a job as my internship fell through..(lehman brothers) Anyways..I have not read the book but am a quick learner and have a strong real estate/investment banking background.

How Mortgage Refinances Can Generate Leads & Income

Many times when marketing to PreForeclosures, homeowners tell us they want to try to refinance their loan to stop their foreclosure. While this can often be a solution to stop foreclosure, it isn’t always the best one. However, for the people who do qualify for a refinance, you need to understand how to convert this into more business.
Partnering up with a mortgage broker who can help such borrowers is going to be a key to your investing business. If you pass them leads, they should be able to repay you for sending them business.

Wow, just heard that 533,000 people become unemployed in November. Learning about deans material can help these people, but as always real estate investing needs to be creative with no money and bad credit.

Unfortunately, as investors we will be affected by this because some of these people are living in our rentals, and they may not be able to pay us. It's going to be tough months ahead. What do you all think??

I'm brand new to the world of RE investing. I recieved Deans Book "BREM" a couple of weeks ago and have searched this site for hours! It's great stuff. I just can't seem to come up with an idea on what I should do. I have excellent credit, zero debt, and over $30k in the bank. Anyone have any tips on how to help others make money while I make a little off the top myself? Maybe someone else has found a property that they want to flip but don't have the money down for it?
What seems the most logical path for me?

Matthew

Here is an article that I found interesting concerning mortgage rates.

AMERICA'S MONEY CRISIS
Treasury mulls plan to lower mortgage rates to 4.5%
Weakened labor market hits small biz
A bumpy ride for Thanksgiving air travel
Lehman auctions investment management unit
Stocks gain for 2nd session
Paulson sees larger Fed role

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Does anybody have experience with Angel Investors? I've been looking into purchasing large multi-unit propertuies using an Angel Investor. I understand that they typically want a 50% stake in everything. What do they want from me beside that? I can easily find a good deal with tons of monthly income. With the down market, a property could easily be sold in a year or two for a huge profit. I know I'll need to find a property with a good CAP rate and a good rental history. What else do I look for?

Thanks,

reighnie

Techniques on Financing Foreclosures.

If I take out a say...$40,000 30-year loan to invest in a property, can I pay it off at once when I sell the property for a profit?

For example: I found a home in foreclosure for about $34,000. I'll figure about $6,000 to fix it up. Which totals $40,000. Now if I fix and flip it for $80,000, with the $80,000 I just made, can I just pay off that loan all at once? When the bank gives you 30 years to pay it off, you can pay all of it off at anytime right?

Sorry if this question sounds novice. But I'm only 18, and real estate is new to me.

Well, I just got back from the bank trying to get ahold of some cash. I think I am going to be denied because I am in the middle of fighting identity theft, but it should be cleared up within 45 days because I sent the letters including all the info they need to wipe it off my report about 3-4 days ago. Not sure if that is the way to go, but I can not find a hard money lender in the houston area that will finance with out pulling credit report. Not only that, I can not even have my realtor show me houses until I get the proof of funds letter. I don't know what I am going to do.