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Author Topic: THIS IS PERSONAL!  (Read 5397 times)

Offline townsend2921

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THIS IS PERSONAL!
« on: September 12, 2008, 07:21:58 am »
I'm 26, from Boston. Went to Nortehastern University and studied business for 5yrs (standard at NU). Ever since I could remember, I've always been a job hopper. Corporate America is not for me. I'm a social worker and NEW real estate agent (but not for long).

Since the age of 18, I have successfuly dug myself in a hole, financially. I'm $8000 in BAD credit card debt, with a bad credit...very bad. I owe a bank $4000 (which I am paying down). I'm now late on my college loans ($50,000 total), and I have no assets. THIS MUST STOP.

I have aspirations of inveting in real estate (mutli family units for the moment), and it will happen eventually. But.... someone tell me, what hard money lender or private investor would work with someone in a financial mess like this? I would imagine I'd have to find the deal of the century and even then take a finder's fee, which I'm ok with!

« Last Edit: September 12, 2008, 07:23:42 am by townsend2921 »

Offline real estate 001

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Re: THIS IS PERSONAL!
« Reply #1 on: September 12, 2008, 09:46:04 am »

  WOW !!!

i  thought i had seen it all and heard some good ones
But you are in the  sh t
I would say get started with  SUB 2 deals  as it will get you in and going  with out much of the cash , in some cases not one dime

And can  as well will get you some cash- flow going

Offline BLL

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Re: THIS IS PERSONAL!
« Reply #2 on: September 12, 2008, 11:29:28 am »
There is a ton of opportunity in your area. Boston had a huge run up over the last several years and now those prices continue to crumble. There are several REIAs near you where you can flip your deals quickly.

Offline townsend2921

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Re: THIS IS PERSONAL!
« Reply #3 on: September 12, 2008, 03:32:16 pm »
what is a REIA?

Offline townsend2921

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Re: THIS IS PERSONAL!
« Reply #4 on: September 12, 2008, 03:33:08 pm »
what is a sub 2 deal?

Offline BLL

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Re: THIS IS PERSONAL!
« Reply #5 on: September 12, 2008, 03:56:23 pm »
what is a REIA?
Real Estate Investors Association. It is s place where you will find investors with whom you can sell your deals.

Offline BLL

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Re: THIS IS PERSONAL!
« Reply #6 on: September 12, 2008, 03:57:44 pm »
what is a sub 2 deal?
Subject to. It means acquiring property subject to the existing mortgage. You are basically taking over the payments for the homeowner, even though the loan remains in his name.

Offline Mdhaas

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Re: THIS IS PERSONAL!
« Reply #7 on: September 12, 2008, 05:38:17 pm »
Here are links to a Real Estate Glossary and list of abbreviations.

http://www.reiclub.com/real-estate-terms.php

http://www.reiclub.com/real-estate-abbreviations.php

they may prove helpful in your endeavors.

Good Luck!! :beer
If at first you don't succeed.....................skydiving is not for you

Offline applied321

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Re: THIS IS PERSONAL!
« Reply #8 on: September 13, 2008, 03:11:54 pm »
Hey Townsend

First, Relax!   Your personal situation might be a little messed up right now but don't let that stop you getting into the business. A couple of good deals and you'll be just fine so don't sweat it too much, in fact, ignore it as far as gettting started goes.

Find yourself a person you can team up with who has OK credit (680+)
It obviously needs to be a relative or good friend and someone you can work with on RE deals.

Let them be your credit partner and split the $$
A Hard Money lender will be more interested in the deal than they are in your personal situation (they won't even look at you if you are partnering with someone else)

Find a great deal, do your homework and if the deal fits, you won't have any problems getting started.

Let me know if you need any assistance.

Mark
Don't sit around for a year asking questions! Do your research and jump in. Pull the trigger, you'll be glad you did.
www.FlipLender.com

Offline youbetcha1018

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Re: THIS IS PERSONAL!
« Reply #9 on: September 28, 2008, 12:40:35 pm »
It's really bad. :shocked It will take you a long time to pay all of those bills if you only have 1 or 2 jobs that pay you little to begin with. Mark is correct, you must find someone or somebody you know personally that has a good credit and partner with him/her. Good luck.

Offline real estate 001

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Re: THIS IS PERSONAL!
« Reply #10 on: September 28, 2008, 02:57:20 pm »


   GOOD  LUCK 
« Last Edit: September 28, 2008, 03:02:28 pm by real estate 001 »

 




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