Hi,
Owner financing of real estate is just that "Owner Financing" and is subject to some of the same things your credit card or auto loan company may want, this is not always the case because sometime the seller can find out part or all of what they want to know from other sources.
So when you ask a seller or an investor for owner financing or a loan what do you offer the deal? What skills, abilities or history do you have doing what you want to do and how does the seller / investor have faith in you to handle their property / money and make the project successful / profitable?
Aside from having fantastic credit and great income and qualifying outright for a loan what can you bring to the table? Getting financing in part is predicated to asking for owner financing first, that means having the request for a wrap, subject 2 or owner carry note in the text of the contract. How in the hockey sticks does the agent know whether the owner will carry?? Not bad luck just poor execution!
My first property was 7 units followed by a single family fixer and 3 or 4 wholesales. I lost my ass on the 7 unit property, not so much in cash value as I did time. I was 18 years old and although I thought I had a good deal, it turned out terrible and a huge drain on my resources and time.
So why would someone want to lend you money? Why would someone want to invest money with you? You probable need to think about this?
100 percent financing is not collateral as it will cost money to take it back, sell it and close it so if you are not successful it probable costs 10 to 15 percent of the original investment to get the cash out.
Since you have no ability at this time to perform it does not make sense to get financial statements on property you can not buy? In commercial property it all comes down to negotiation equal to the properties performance so showing interest or not showing interest makes little difference.
I am looking for bad management, deferred maintenance, poor appeal, under market rents, needing some remodeling, long distance ownership, etc.
In a decent location with upside and a projection for a growing market.
As much as I would like to see you own apartments one day I think your next project needs to be a fix and flip house that maybe you buy and renovate on the side and maybe live in for 6 to 12 months around working at a career or managing an apartment building bought selling your RV park.
You have to learn how to fix homes and the sales, marketing, closing and purchasing area’s of real estate before you jump into apartments of your own?
GR