Anyone Know ??
Hello to all:How do you get financing with low credit
and or bad credit nobody wants to help with this problem.
I own my primary but do not have enough equity built with
a FHA/VA previous.Want to get started,I've contacted
several lenders and my score is too low as is my own cash
flow. I know a broker that may work a little with me but
I feel extremely limited and advise would be a help.Dont
know where else too go,etc.newby.RDM/FL.
[ Edited by rdm on Date 04/07/2004 ]
You can either partner with a private backer, or you can bird dog to build up your reserves. You could also wholesale the property out. There are a number of ways available to you, but without cash or credit it is harder to do the deal. You should search the articles section at the top of this page for terms like
Wholesaling
Subject to
Hard money
private financing, etc etc.
The obvious best would be a private backer. Also it is best to set up the money before the deal. You can do this by advertising, offering a percentage return on a private backers money within X amount of time. Here in Florida it starts at 12% for 30-90 days, or a 50/50 split of the deal. Ideally you should have it bought and sold for the investor to get into it.
Good Luck,
Kyle
[ Edited by KyleGatton on Date 04/08/2004 ]
what area are you wanting to start rehabbing, rental,ect... you can also look closely into owners willing to fin. or lease options. these are area where you can find flexible fin.....and don't give up keep pounding the system and you will get in .......ggod luck kenmax
My area is in Cocoa, Fl. and it seems dificult to get started but I know not impossible it's there when and if you can find it. Been searching and don't plan on stopping now. talking to alot of people but talk only gets so far. Tried to find a motivated seller or workable, but alot have the same story for now, just wan't out of it and you need to find your own financing. Still going though. just a speed bump or two.
i know parts of fl. can be tough {i have a relative thats a r/e agent there} the cost of living is high and land is scarce. they are destorying older homes to make room for new. look for fsbo listings. contact a agent and tell them you situation and what you want to do. you may have to talk to several to find one that sees what you want to do and will work with you......the key is just don't stop. talk to as any lenders,fsbo's, owner fin., anybody that will listen. my first wife died of cancer i had to file bankrupt. i was told it would be 10 years before i could buy anything. one year later i bought a home. i found seller, agent, lender that were hungry for a deal....just keep "beating the bushes" and you "will" make yourself a break. then you can "go to the mountain and beat your chest' because it will feel sooooooo good.......ggod luck kenmax
Cocoa? you are in the middle of a gold mine. There have been deals there no one has been able to touch because of the distance to Tampa. I watched one MH Park that didnt sell for over 2 years. The distance kept me from doing it personally. The only problem with the area is that they dont sell quickly, which means it is good for buy and hold, or more precisely buy and rent out. The MH business is excellant there as well, especially in the parks. The closer you get to the beach the scarcer it gets, but there are definitely good deals to be had. Set yourself up with a hard money lender or private financier and you will make a fortune. Also start working on your credit as you will need it to refinance. Also sinde the area is slightly depressed you may want to look into selling notes at closing, just make sure your buyer has a credit score of 600 or better. ("subject to", look it up)
Good luck,
Kyle
Repair your credit or come up with 20%-50% down. Request a copy of your credit and get to work. Otherwise you will, indeed, need some creative financing.
Good luck!
I have seen the "gold mine" opportunities in this area and alot of props. alot of moving into this area and will make tremendous profits if you have the start up money needed. My credit stinks at low 500's and needs alot of work. Thanks for the replies and will check in again and see if more was posted.
rdm
How about owner financing? If you have bad credit a big down or help from the owner. Indy mac has 100% financing for o/o with a 565 fico.
commissiononly,
what exactly do you mean by 0/0 with Indy Mac financing %100. I would like to know more about this.
I just sold my house way over the market but then in a slum like North Hollywood I never thought the properties would ever go farther up then maybe $125,000 for a 2br 1ba tiny 725 sq. ft. on a tiny 45 by 125 lot.
This lady knocks at my door and says to me. "I can give you over $400,000 for your house all cash and right now." I smile look around for her keeper. Nobody there. So I invite her in and say to her. "I like your stile but if you hand me a check for $5,000 earnest money deposit I will sell you my house for $405,000." She writes out a check for $5,000. I call her bank it is good. I take her to escrow we deposit the $5,000 and instruct the escrow to release a check to me at once. I now have $5,000 in my hand. I sign a Grant Deed. Instruct the escrow upon receipt of proper fundage in the future amount of $400,000 record the deed.
Upon arrival at my home there is a lovely new Mercedes at the door and a nice looking gentlemen waving his hands and speaking with a thick accent shakes my hand and tells me he has just bought the house for $410,000. All Cash. Real All Cash. I bring him in sit him down and this is the story. Yes he is for real. Israel, is a little uncomfortable all his guests who wear vests have a tendency to blow up upon arrival so he is moving here. The lady made $5,000 and I sold my awful falling down house for at least $150,000 over the market.
Now I have to find a house but fast cause they want to move in at close and close is next week. Oy such a business.
Ah life in LaLa land insane. And I was complaining about the land contract with which I bought the house. $99,000. Lived here 10 years, of each $900 payment one half applied on the future purchase price of the house. Unpaid balance as of this morning $44,350.
Perhaps I should paint my 1981 VW pickup truck pink in celebration.
Lucius 8-) 8-)
Lufos, I don't like to believe that may happen to myself, a dream of time lible fates is not me. I would have to spend 1 million on the lottery to possibly win 500gs. But all the luck was on you with that one. As with commisiononly, as I have stated to my utter surprise I fall into the low 500's so that needs alot of work just to become lookatable. The lender shows alot of promise and I have alot around here that is not listed and by owners but seem unwilling to take back, part. finance, well, flexable. But I will keep checking them as riutinely as possible. I know it's there I just need to scrounge it up. Begginers runaround.... [ Edited by rdm on Date 04/08/2004 ]