watching good deals come and go!

[tradingdazey]

Hi everyone, Quick intro.

I'm a journeyman electrician by trade. I work full time and have previous experience in real estate and want to start purchasing reo's. I have an awesome agent that deals with investors almost exclusively and is willing to show me the ropes (i'm a bit rusty). He will practically do the deals for me.  I have a very good handyman ready to rehab. My agent has good properties listed and upcoming that he contracts and usually gets (not always) at 30 to 40 cents on the dollar with good comps. The properties are selling under market value with good returns. I have very good credit but no money down. I watch these properties come and go and and I cant seem to get in on the action. If I could get a lender to to finance my first deal I'd be off to the races.  I'd have cash down for my second deal and so on. Because of my full time job I don't have time for wholesaling. I'm sure you can imagine the frustration I'm feeling right now.   I'm thinking about putting an ad in the paper for lenders but don't know if it would do any good.
It would take me a year to come up with a solid down payment since all my cash is tied up. Anyhoo thanks for reading... Any thoughts? 

[Real Estate Seller]

No lenders I know off will finance 100%.

[hasemann]

Not true. There are lenders that will finance 100% including your rehab. Depends on the deal and the area.

The best hard money lender I know of is Recasa. They'll lend
you 100% of the deal including the rehab. Although
they recently started asking for 5k down.

But thats a heck of a lot better than a conventional loan.

Then after you fix it up and get it rented you can go
back to a conventional lender and refi it rate and term.

You'll essentially be all in with nothing out of pocket.

This is provided, of course, that you're able to buy a house
that appraises out at 70% LTV after repairs.

But you still need that cash in the bank to cover 6 months
of payments (PITI) or you won't be able to get
the conventional refi.

btw: Recasa's loans are 9 mos only so you need to
make sure you can qualify for that end loan. They also
only lend in certain states.

But it is one way that you can essentially buy a property
with no money out of pocket - although you still
need some cash for the 5k escrow and another 5k or so to show
the bank when you do your conventional refi.

But do whatever you can to start buying.
These deals are not going to last forever.
The cash flow is tremendous (400 per month with
nothing out of pocket is infinite return on investment).

[Real Estate Seller]

Recasa does do 100% only if you put up $5K non-refunded fee. No guarantee you will get funded.

[privatelender2u]

Are you in California?  There are a lot of private lenders that would finance distressed properties that can help you start. 

[fixandrent]

I am in CA and I have considerable equity and good credit.  My problem at the moment is that the equity is spread across multiple properties and I need perhaps $20k to fund repairs, etc. on the latest purchase.  Most hard money lenders limit themselves to 60% LTV.  I need a hard money or private money person who can go above 60% of current before rehab value and who can do a small dollar loan.  Ideas anyone?