Financing and Credit

I have recently found a property that is far below market value. I don't have any cash for the deal, and need to act quickly. I am considering borrowing 4000 dollars for the down payment, closing costs and earnest money and then refinancing the property at appraisal value to pay for fix up and to pay off the 4000 dollars. is this a good idea or not? what are your thoughts.

Hi Dean,

I want everyone that is posting "Investors needed to start investing" topics to stop for a minute. First things first, get started looking at tons of deals and lock up a deal that is a killer deal that is sure to make money. Set up a closing date that is 45 days out so you have some time to work. Next, put an ad in your local paper that reads something like this. This is an example make sure you tell the truth!

Seller Desperate!
3bed/1 bath house for sale
good neighborhood/nice house
appraises for $95,000
must sell now! will take $75,000 to get rid of it
123-456-7890

Can anyone add to the rules concerning first time buyers and Co-signers. Is it true that a first time buyer cannot have a co-signer or have someone who owns a house on the loan. I heard that if another name is added they do not qualify to get the low downpayment and all the tax advantages?

I am looking for investors to invest in MD and DC?? Is there any investors available . Im trying to build my contacts when I find those Great Bargains??

Mishara Lawson

What does everyone think about prosper.com? Dean could you also chime in, I would like your professional opinion.

Thanks,
Darren - DE

I am still reading Dean's book but have a question about getting a loan from the bank when I am about to do my first deal...I have bad credit so wont the bank turn me down?

hello everyone, i found this great deal around minneapolis minnesota and i was wondering if their was anyone on this forum that is from this area (or out of state) that would like to invest with me. i would go in on this deal myself if i had the credit but i dont have any credit built up yet. i would pay for half the bills and take care of the house. the house is in a very nice area and it was built in 2002. some repairs are needed but once all repairs are done, the total amount should be no more then 70k.

I am looking for Maryland investors or investors in the Maryland area so I know who to call when I find great deals. Are the any investors looking to invest in the Maryland area?

How do we acquire financing thru brokers, mtg co's, reo's, hard money lenders, etc.