Where Are You Getting Money

Never done this before but have been researching and have yet to find where are you people coming up with the money to do this?? We want to get foreclosures, fix them up and resell. Also to buy fixer upers that have been vacant for a long time. What would be our first step in doing any of this??

Thanks for any help you can give me. :-?

Comments(6)

  • commercialking7th June, 2004

    Well a lot depends on who you are and what your financial situation looks like.

  • active_re_investor7th June, 2004

    All4Me,

    Tell us more about your situation and what you are expecting re: foreclosures.

    Most advice in RE is tailored to the situation (person, location, property, interest rate climate, etc).

    John
    [addsig]

  • cdkerr17th June, 2004

    I use a home equity line of credit but you would have to have equity in your personal residence but that works great. No loans to apply for everytime you need money and the rate is cheap.

  • CharlieG1237th June, 2004

    cdkerr1,

    What I have seen some people do is to use the home equity for the down payment and take a loan for 70-80%. Why use all of your own money when you can take advantage of the bank's money?

  • cjmazur7th June, 2004

    HELOC
    Savings
    high CLTV loans (80/10/10)
    Credit cards

  • OPM and OPC- other peoples money and other peoples credit- the best way to go.

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