Financing and Credit

I am so ready to get started, I'm in a situation where I don't have a choice I have to be able to take care of my 2 sons.And I'm tired of living check to check My credit is in bad shape right now. I know I can do this but I don't know where to start. I keep going over my book Be A RealEstate Millionare. To try to figure out with my credit situation where should I begin. Can someone offer some advise?

Before I Get Started, I Just Want To Stress How Important It Is To "Investigate Your Deal"- What Is The Sellers Main Objectives Or Motivation For Selling. That Allows You To Have An Idea Of What Approaches Are Going To Be Compatible With The Sellers Needs, Allowing You To Do The Deal.

1) PARTNERSHIP: Find A 50/50 Partner. It Dosen't Have To Be 50/50; It Can Be Whatever You Negotiate.

2) FLIP: The Best Way To Flip Houses Is To Find A Potential Buyer First And Then Find A Property.

Buying “Subject To.”

Buying “Subject to’ is when a property buyer finances the purchase directly through the person or entity selling it. This often occurs when the prospective buyer cannot obtain funding through a conventional mortgage lender, or is unwilling to pay the prevailing market interest rates. The seller may agree to owner financing if he or she is having difficulty selling the property.

I have a friend who has a house with $200,000 equity and a duplex with $100,000 equity. She has bad credit and needs her equity to help. She doesn't qualify for traditional funding and is looking for an equity partner. I can negotiate terms with her but need to find a private investor or equity partner for her. Can anyone help me???

step#1: the optionee pays a RE-OPTION FEE to the optionor.

step#2: the optionor grants the optionee the exclusive, unrestricted, and irrevocable right and option to purchase a property.

step#3: the optionee ASSIGNS or EXERCISES his option or lets it expire.

step#4: Once EXERCISED, a real estate option agreement turns into a bilateral agreement in which the optionor becomes seller.

step#5: the seller transfers the properties TITLE to the buyer @ closing.

YOUR HERO, SULLY.

Hello...

Hi There everyone,

Is anybody finding lenders willing to give appraisals IMMEDIATELY following the purchase of a property that they bought outright with cash?

Thanks,
Angie

help me with a solution....thanks

Hi Guys,

I know a lot of people would like to have this problem but please if anyone has run into this situation please advise.

I purchased a property with my HELOC cash. Originally I figured I could just do a refi. Well I found out this is not a refi but a first cash out. Therefore they look at me a bigger risk since I want to get the 30 year fixed loan at 100%. Which I planned for when purchasing below value and doing improvements. I could have easily appraised higher and gotten all the money back to pay back my HELOC.

Home buyers turn to private lenders
By Sue McAllister Mercury News - Silicon Valley Ca.

It can be tough to get a mortgage these days. Banks want hefty down payments and their lending guidelines are constantly changing. So where do some Bay Area residents hoping to close their deals or refinance go? Private money lenders.