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October 31, 2014, 07:41:30 AM

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Real Estate Investing Forums | Real Estate Investing | Financing, Hard Money Lenders, Credit, Qualifying (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: How to buy homes with other peoples money « previous next »
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robdedgar
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« on: July 31, 2009, 08:26:25 AM »

I am looking to buy homes and was wondering what is the best way to purchase these homes using other peoples money?  I dont have a really high credit score and do not have much to put down.  How does one go about getting private funding or what other sources are available?  I would like to own it rather than control it for retirement purposes. 
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Gold River
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« Reply #1 on: July 31, 2009, 11:49:37 PM »

Hi,

    I use OPM as often as possible or as needed to meet my insatiable appetite for real estate. I have created a network of names and numbers of other investors over my investing career.

Now for the hard part:

What skills and abilities do you possess that makes you unique enough that another investor see's your positive qualities and believes he can invest in you and still make a profit off your hard work?

Credit score although nice, is not a requirement to investing in real estate.

Everything is either public or private:

Hard Money Lender, Private Money Lender and a private investor or investors are all private.

A bank, a mortgage lender, Heloc lenders and the credit card companies are all public avenues of getting money.

What I would do to create an advantage with little money and potentually no credit is search for what's called a "No Qualifying" advertisement.

You can buy and control with a couple of thousand down on a "Owner carry" contract. You make payments to owner through an escrow processing account and agree to sell or refinance in a specified period of time.
(Normally 3 to 5 years)

Good Luck,

                 GR


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theieu
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« Reply #2 on: August 03, 2009, 08:28:03 AM »

Before you apply to any finance company, you should have source of income to that can can guarantee your loan, if you don't have any source of income of course it is impossible to acquire for a loan, so stable job is the most important factor for you to have or acquire a  loan.
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robdedgar
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« Reply #3 on: August 06, 2009, 11:41:50 PM »

Thank you.  Where is a good start for finding private investors.
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CCCRE
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« Reply #4 on: August 10, 2009, 07:39:09 AM »

Thank you.  Where is a good start for finding private investors.

Why not try to find someone on this website that would be willing to work with you in your own area?
 I know of investors where one partner finds the deal and the other one puts up the cash. Both share the cash when the property is flipped or share the rental income.
Kat
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robdedgar
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« Reply #5 on: August 11, 2009, 08:54:09 PM »

Thank you. Didnt think of that.  I only know three investors in the Savannah area and one is my landlord.  I have tried to work with one that has lost me a great deal of money and time.  He makes good money for himself but has done nothing but lose mine.  The other gives me great advice except on how to come up with the financing.  He already has private lenders and I am not sure if I will be stepping on his toes or how to draw a business plan to apply for a private money loan.
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r22
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« Reply #6 on: August 12, 2009, 10:36:40 PM »

i'm with you rodedgar, i want to find private lending at about 8%.  i'm in so. california and wonder if anyone good recommendation.

thank u much
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Real Estate Investing Forums | Real Estate Investing | Financing, Hard Money Lenders, Credit, Qualifying (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: How to buy homes with other peoples money « previous next »
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