ok Im new at being a seasoned investor

Financing, Hard Money Lenders, Private Money
1

:smiley: hi all! Im sookie,

I’m new at being a seasoned investor. But I simply love the course spend alot of time watching the videos. I got a passion for seeing it happen even in the rough draft!::

I have been wanting to invest in “Income Properties” At about $2-4 Million.
But was stuffed out of my dreams and into a shoe sock when the broker told me I would at least 20% down, without going to closing!
This one one deal search, the income property real estate agent never got back to me…

Anyway, I want to invest in this, it brings 250k per yr and is a biz office. I figure it would be a nice begining near my area.
But hard to get any financing, I need 100% financing, and have limited income. But I heard that income properties dont go for 100% financing ever, its a myth.

Now, I want no money down but dont think they will go for it. I was thinking of carltons partner option. I have one partner who would think it over.

Shes great.

What I need is to find a way to finance it, with no money down at all, not even the closing or the appraisal or broker fees.

Am I nuts?

Or is it possible???

8)enlighten me anyone?

How do I start investing in real estate fast, I was told that credit doesn’t matter:: And that esp if its income property, and that I should buy two properties:: Buy one to refinance the other and like C S says, put the down payment in a note.

Is it true to buy one to refinance the other and use the equity in the first as a down payment for the other???

someone help me get started.

My credit is not good BUT can be fixed EASLY with my first months payment of the income property.

What if I offer the seller a piece of the equity? And do you have to go to closing? Can you close online???

Or is that rediculous?

Thanks for all your help!
sookie, :smiley:

2

Things are just not that simple in the real world. I have never met anyone or even read about anyone who just walked out of the box and did a 2-4 million dollar deal. No Money Down? Maybe none of your money down, but the broker needs to get paid, the agent needs to get paid, the lawyers need to get paid, things need to get recorded, the tax man needs to get paid, and so on - who pays for that?

Additionally, if your credit is not good - it can’t be fixed with 1 month’s payment. You may be able to pay off all your creditors, but your prior mistakes stay there for up to 7 years.

I think the best thing you can do is bring the deal to someone else and have them pay you a fee. And no you can’t close online.

Real Estate is Risky Business - Educate yourself first before jumping in head first.

KEC

3

Ninety percent of all real estate is no use of money-thats creative financing-thats no-money-down AND someone elses money. And yes it can be done.

Carlton sheets did it.

And no, Im not out of a box, I have been doing real estate, notes, loans, bridge loans, senior life policies, senior life books, oil wells well over 10Million dollars.

High prices don’t frighten me, and yes, YOU CAN think rich. YOU SHOULD think rich, and you better OFF thinking rich. NOW is better is what kessler says…

Example:: according to AD Kesslers book for only SEVEN BUCKS on “A fortune at your Feet” (psst, buy it! )

It can be done to buy two properties, refinance one, and use the down payment on to buy the other, you can sell the land to the bank, and buy it back, you can flip a bank property to another investor, you can bring in a partner, you can do so much.

besides they are plenty of people out their whose bought real estate with no money, And the down payment over time can be a note, you can do that.

, no lawyers for me thanks, their a waste of time and a waste of money, apprasials are done by the sellers, payments are not a necessity at closing if you know who you are working with, and still if you are buying you can negotiate the seller to pay for the closing,…

the buy is responsible for payments until closing, does all this while it is STILL HIS property HE is still responsible,

Their are nine hundred ways, (according to AD kessler and a bunch of others…)
though it can be done like going for fees, yours for example. no one cares in that market, people are in and out! I want to invest, not waste time And… no I will not get fees first,
And as for closing online, you can with just a simple escrow account!

thanks:D

seasonedinvestor

4

what brand of coffee do you drink?

5

none; quite at seventeen! :wink:

seasonedinvestor ;D

6

I am a new investor…I have heard and read that you get your money upfront and sell for mortgage balance. I am finding that all hard money lenders won’t loan full ARV and that you actually get the money AFTER you flip? You may need no money down to start…but I keep reading from HML that you need about 2 months worth of payments in the bank before they will lend. Anyone have any advice??

Thanks
Angie

7

Angie,

You don’t need 2 months worth of payments in the bank for HML. Be sure to find the right HML that will conform to what you need. It is not hard at all to find an HML that will roll the monthly interest payments into the payoff as well as any points. For example, if you have an HML deal that is 2 points upfront and 16% interest, you can roll the points and the monthly interest payments into the payoff of the loan. I know a great hard money lender in Texas if you live here. If not, they are all over the place - HML is very easy to find.

Matt

8

Well you can do 2-4 million dollar deals with little of your OWN MONEY

I am closing on one monday and let me tell you how me and my partners are doing it

Yes I am a loan broker and Investor people ask me this all the time I do both and that is why it is hard to tell the
difference.

Bought property at 1.3 million

Sold property at 2,163,000

Two Appraisals for 2,163,000

Credit Score 770

loan program 75% LTV STATED INCOME STATED ASSETS

Loan amount 1,622,225

Private money that paid for down 540,000 plus prepaids of 6000 plus 10 point for funds approx. 601,425 for all.

63 k for seller conscessions to pay for all other closing costs.

After every one is paid.

100% no cash on our side other than 10k for earnest money to aquire the property.

The rest is our profit. ::slight_smile:

9

Congratulations richmortgagebroker!!!

That’s an awesome deal!

I too am an investor and mortgage broker. And I too have done 100% deals (for myself and others) … but none quite this nice!!!

Keep up the great investing!!!

10

I have poor credit and no work history, I do get money but its retirement.

I can invest, I just can’t talk about a big chew, I don’t have. lol. (darn)

But you guys…

Your both inspirations…

You make me feel so good about the idea now, that its actually doable makes me that much more closer to it.

I may have money for a down payment if I sell my first custom super home. Thanks to them, I make a great 50% on each home sold and a $5,000 dollar bonus after I sell three.
It turns out my first customer want more then one…

wow! Lets hope she chooses my company to build her home soon!!! ;D

And also some more money from closing a 10Million dollar cstore loan for a broker friend of mine.

I too am a mortgage broker, and now soon-to-be-investor.
I was thinking of a fast free & clear property. to buy and fast flip.

Do you realize I actually saw one on a website, it was this gorgious land piece, beautiful picture…

…$47.00 dollars sale.

I can’t forget that picture, nor that discover…

does anyone know if land is taxable month after month? While your sub-dividing it can you roll the taxes and payments into a future fast flip sale of land?

You guys have restored my faith tonite, I am so glad to know I can roll the payments and hardly pay anything since one real estate agent told me I would need at least 20% down. I shreeked in despair…

you haver renewed my strength…

Do you have any information on that to see just how it works? And does it come with clauses? options? contingencies? or terms???

thxs guys,
seasoned investor
ssl! (sorry so long) :smiley:

11

I always tell people don’t let credit nor a job deater you

You can wholesale deals with out even having to put your credit on line

You can do rehab home use HML or PI and sale the property and then you do not have to use your credit or job

All you have to do is just work with your limitations and BUY BUY AND BUY MORE.