Newbie Investor
All posting advice was very helpful. I just want to get my first deal. I have read and studied and felt confident that no matter what my fico was I could get a hard money loan. So far 600 is the avg. So much for bad credit,no credit,no ****Must Reach Freshman Investor status before posting URL's*** have a pre-forclosure with cash back potential and I can't get a loan. I am not asking for info. I will keep looking. Just sharing my start up exprience. For every no there is a yes waiting.
I have had the same problem. Searched through all of the hard money lenders with no results. I already have a property free and clear that is being rented and wanted to use it as collateral, but still no go. I kept working and now I have a joint venture deal that I am rehabbing and another deal where the seller is holding the mortgage. Ask the seller if they could hold the mortgage. What could it hurt. I have walked in your shoes. Keep your head up and deals will come.
Sorry didn't see that it was a foreclosure.
You may want to flip the contract to another investor. You can put an add in the paper of just call some of the people that you know who invest.
I really am a newbie. I did not see rehabers forum. I will read before typing. Thanks for the advice on how to post.