Ok, Trying To Find Someone To Fund Rehab.....IT'S NOT WORKING!!!

Comments(7)

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  Optimum29th October, 2003

  Is your credit what you are having trouble with?

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  rbw429th October, 2003

  Opt, no that's not it......but i have been told on so many different levels that it's not necessary to use your own credit or your own money in real estate, that it can be done.....so that's the route that i'm trying to take......IF that's possible, now if it isn't.....i will go the traditional route....but we try to stay away from traditional right?.......hence THE "CREATIVE" INVESTOR......thanx though
  [addsig]

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  andrewb29th October, 2003

  I have decent credit but not much cash, so what I'm going to do is use partners, as financial backers. They put in the money (all of it), and I put in the time and project management (all of it). We split the profit 50/50. This type of arragement is fairly common for those starting out in the business.
  
  It's totally independent of your financial situation, so your credit won't matter.

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  rbw429th October, 2003

  great idea Andrew! (mind if i borrow it?)....
  [addsig]

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  InActive_Account29th October, 2003

  Try this lender:
  
  http://www.brookviewfinancial.com/
  
  They specialize in rehab, that is all they do!
  
  Good Luck,
  
  Clint

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  boyd444429th October, 2003

  I've funded all my deals exactly the way Drew mentioned. About 5 Rehabs done this way so far. B.T.W. If you have the credit use it. You'll make more money that way instead of splitting 50/50. I had to do those deals that way to crawl out of my bad credit. Believe me, as soon as I'm able to leave behind the headache of a partner and walk away with 50% more, I will be RUNNING!!!

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  jackman29th October, 2003

  rbw, one thing to remember is that you can't rely [too much] on what you read on the internet. it's hard at times to differentiate fact from opinion or who is really DOING and who is just spewing out what they HEARD themselves. take what you can get from some and take the rest with a grain of salt. do your own exhaustive search and see what you can find. they MUST be out there ...
  
  i find that stuff finds you when you aren't looking for it. if you use other approaches that don't need lenders and get a couple deals moving, lenders will find a way into your face. i have 3 deals that i'm close to tieing up (2 sub 2s and 1 L/O) and all of the sudden i have lenders calling. still not lending yet, but calling.
  
  Quote:
  On 2003-10-29 12:50, rbw4 wrote:
  Ok, i've read all the tips here on finding hard money lenders that will loan only on the ARV of the property....but it seems that everyone i've contacted (from business card ads, REI club members) say that they will loan creatively, but they consider everything collectively, the value of the home, they want to pull your credit from all three credit B's, etc........can anyone tell me (If you really know) if there really are LENDERS OUT THERE WHO WILL FINANCE YOU ON THE BASIS OF THE PROPERTY "ONLY"!?.....that's what i'm looking for, that's all i'm looking for.....have a rehad now that i would like to get started on, and if you guys could send me some for-sure info on where to find the funding for this, i'd be forever in your debt........happy investing!!!