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June 23, 2021, 12:31:18 pm
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June 23, 2021, 12:31:18 pm
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Author Topic: ~Im looking for a HML that doesn't require strong credit or no credit~~~  (Read 4136 times)

Offline mscece

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I went to a training this weekend for Rich Dad Poor Dad and he explain that HML was the way to go and you don't have to have good credit, but I have been looking and talking to alot of Lenders and they do require good credit.... any help?

Offline phlemboy

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Here's some help. Stay away from the seminars and classes that cost a bunch of money. :biggrin
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline mscece

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you are right...lol  Thanks

Offline blogger

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Many smart pvt lenders don't really look hard at FICO scores if there's enough equity in the collateral property.

So get on the phone and talk to a lot of pvt money folk in your area and see if you can't find the lender who looks primarily to your equity and collateral.

Offline deep alpha

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  The seminar didn't tell you where to get the money?  What a big surprise!  Did you try googleing hard money lenders?  personal real estate investor magazine has many ads for hard money lenders.

Offline osoese

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Don't worry about the people knocking the seminars/mentorships - there is value there. I took one myself and learned a lot. Instead of laughing at you they should realize that you were willing to invest a lot of money in your future. At least you have a deal set up - that is really the first step.

That being said, the hard money is hard to get right now based on the deal. I am looking for some myself on 54% LTV. I went through the list of HML on this site and emailed them all.

If anyone knows any HML that will lend on the deal - I have a 620 and decent credit but not much liquidity. I do have a very nice deal in place at 54% LTV.

Offline phlemboy

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You can learn the same amount of info from books and local REI club. There's a difference between spending money and wasting money. If the seminar was so good, there would be no need to seek out such an important resource for doing deals.. Financing. There's no need to spend thousands of dollars for basic information that is in books.
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline osoese

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The books are great - I read a lot of them on these topics - I learned a lot about this stuff from them. I personally recommend all the Kiyosaki and Trump books plus "Are you Dumb enough to be rich" by Bill Barnett

I liked my mentorship and seminars as well and not only learned from them, they were well worth it. I received more experience in three days then 5 years worth of book reading and trial and error would have netted. These seminars and training programs really helped bring it all into focus. I can't drive down a street without finding a deal now - it's funny.

To stay on topic - Hard Money is available on just the deal, but I am finding that it seems difficult to get into for a newcomer and they seem to be more strict now then ever before. I have been finding that the percentages of Loan to Value need to be below 65% and they still want to see your PFS/credit in good shape. I am struggling in this area now but am working through it and feel confident there is money to be had out there to get these deals done.

By the way, the HML list on this forum is great. I have received a lot of positive replies.

Offline 1800Company

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    • 1-800-COMPANY - Asset Protection & Business Credit Building
I personally went through IndyMac Bank for my home loans/refi's and recently home equity lines where I did a no-doc loan without income and employment verification.  That was when I wasn't working.  But unfortunately they had to tank, so if I want more money on my home equity line, I will need to talk to the new owners.

I'm sure this will become much more difficult now with all the banks going under.  One of the the companies I work for, Offshore Company is doing quite well right now with investors setting up offshore accounts due to U.S. banks going under.  For those with money, the offshore accounts provide much safer protection, especially Swiss, etc. than the U.S. Banks.

I'm sure the fed will make it much more difficult for banks to loan money to those that don't qualify and the bar will go up.

 




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