Real Estate Investing Help.?
I would really like to get into real estate investing, but do not have the funding available to me.
I am not new to real estate and have worked with pre-foreclosures before. I used to find them, work out deals (sometimes short-sales) with the banks and then submit them to a network of buyers that I am affiliated with.
What I want to do now, however, is invest in real estate for myself rather than collecting small finders fees after doing all the work. I am an expert at finding nice properties for pennies on the dollar, but am unable to purchase these properties myself because of a lack of funds.
This would not be as big of a problem if it weren't for my own poor credit score. Which makes it impossible for me to secure a loan using traditional techniques. So what would be required is either a true "equity based" loan or "no doc" loan; or a private investor.
Does anyone know how I can get money to make these investments, i.e. private loans, hard money, etc. and more specifically how to get in touch with them?
Thank you in advance.
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3 comments
teran_realtor on June 18, 2009 at 6:06 pm
There are some still out there – at 17% interest. Go to the group of investors that know your track record. Ask them to invest in you.
Shawnta M on June 18, 2009 at 6:06 pm
I used to specialize in hard money loans. Right now with the current market conditions, you need to have the money and the credit. You need the extra money if the lender wants you to put money into the deals and the credit to help secure extra lines of credit to help you secure the mortgage loans.
There are still a few totally equity based lenders, but they are few and hard to find – especially for residential properties.
godged on June 18, 2009 at 6:06 pm
I do not know of any equity based or no doc mortgage loans out in this current market. These sorts of mortgages is what helped create the current housing market and they have gone by the way of the dinosaur.
You need to find a hard money lender or an investor.