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Author Topic: Funding for first deal  (Read 3934 times)

Offline Sickdog

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Funding for first deal
« on: February 20, 2004, 02:17:51 pm »
I am looking to make my first deal, but as a new investor with little to no capitol and shaky credit, I am concerned I will have trouble getting funded/financed. I could probably use my current 2 family residence for collateral(about 15k in equity). I was looking at posibly going to an HML. The one I found that seems to suit me is Wonder Funding, LLC. Have any of you used them before? I searched the web, but most HML's I found only advertise loans available starting at 300k. I live in Ohio if anyone has any comments/suggestions?
Thanks folks!
Later,
Sickdog
PS. I have a realitor friend who is trying to talk me into getting my real estate liscence. She thinks I would be great at the business. Any thoughts on starting in this business as a liscenced realitor?

Offline Ernie

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Re:Funding for first deal
« Reply #1 on: February 21, 2004, 03:46:00 pm »
Well Sickdog,

Getting your license is optional depending upon what exactly you want to do.  If you get your license and actively participate as an agent you will undoubtly gain loads of experience which will benifit you no matter what.  It is not 100% necessary though to be a success.  If it is your intent to be an "investor" and take advantage of the passive income from the properties then the license is definately an option as you are looking at the properties and "passive income" as opposed to earned income.

I currently have 3 properties and no license and don't really feel a great loss.  In fact, I believe, and your milage may vary, that the licence could be some what of a problem as once licensed you are viewed as an "expert" in the field and are expected to be up on ethics and other such niceties.  Not that I plan to do anything unethical to any of my tenants or to a seller but, in some cases, since I want passive income from my real estate, I am better off paying someone else to hold the license and work my day job until I have enough $$$ to walk.

Certainly, there are other even more successful investors both with and without RE licences that will chime in an slam this response but, each to his/her own ;D.  If you want to discuss this more indepth feel free to drop me an email off line.

Good Luck,

Ern

Offline David Alexander

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    • http://www.BanditSigns.Com
Re:Funding for first deal
« Reply #2 on: February 21, 2004, 08:06:05 pm »
Learn how to creatively stucture deals once you have found motivated sellers...

And the financing will fall into place...

Becoming a realtor because you will be good at it...

It's just another business and there are great realtors making great dough....

but, it is a light year away from what an investor must learn...

Most realtors are taught... how to list properties...  and cash them out... why, because they work someone who teaches them that... so, they can be part of a system... someone else's system...

Most realtors know very little about real estate... although... they are taught to and believe they understand it....  thoroughly...

So, bottom line....

Work for tips.... or work for creating a lifetime of income...

David Alexander



 




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