i just started birddogging not to long ago and ive made ok money so far…im able to find such good deals because i quit my job :biggrin and im pursuing real estate full time…i feel like im ready for the next step and im thinking of doing one of my own deals…only problem i have…$$$$$$…it seems like all these “so called” HML hard money lenders went SOFT!!..they want 580credit and last 3yrs taxes and so on and so on…i just need the $$$$$…i cant seem to find this golden HML everyones talking about…also…everyones talking about private lenders is my best bet…find a private lender…okay…WHERE???..everytime i ask for a connection everything gets quiet…and it turns into one of those scary movies when you dont hear anything but the music and you know someones about to get there head chopped off!!!..i guess i cant blame them…but dammn…WHERES THE $$$$??
I think you’ve discovered the truth: if you’ve got lousy credit; no experience; no job; and no money - almost no-one is going to loan you money! The economy is on the verge of collapes; the real estate fad is over; and people want REAL SECURITY for their money.
Mike
isnt the real estate as collateral REAL SECURITY???..haha…wheres this private money??
isnt the real estate as collateral REAL SECURITY???..
Tell that to all the banks that are foreclosing on homeowners that are upside down on their mortgages.
Mike
hah…yea your right on that!!..thats why im not trying to go to the banks…im interested in PRIVATE LENDING (not HML)…ive heard alot of good things about it…just cant seem to talk to the right people…
HML’s in my area are almost extinct. One went belly up after losing over $3 million. Another one isn’t lending at all. The only one that says they are still lending are only lending at 55% ARV, which includes purchase and rehab costs, so you need to find deals at 40 cents on the dollar.
WELCOME TO THE REAL WORLD!!!
You might actually have to SAVE your money and REBUILD your credit to invest in real estate. :shocked
There is no way your spending 40 hours a week looking for deals. If your serious about building your real estate business GO BACK TO WORK!!!
I can’t understand the idea that QUITTING your job to find deals on real estate in a market were deals are EVERYWHERE???
BUT…Those deals are everywhere, IF…IF…you have CASH!!!
So instead of looking for something that no longer exsists (HML) ask yourself the following questions??
-
If I hadn’t touched a single cent of the bird dog money I’ve made HOW MUCH WOULD I NOW HAVE??
-
Did I leave a job that provided HEALTH CARE BENEFITS?? Want to lose a fortune fast?? Get hurt of sick WITHOUT Health Insurance!! You could build the greatest bird dog business in the world, but if you get sick or hurt that money is GONE.
-
If you were working AND bird dogging, how many deals would you have to get inorder to buy your first property ALONE?? In reality you probably need just HALF of that amount. Finding another person to be a partner (50/50 split) shouldn’t be that hard if the deal is good (as long as YOU have your half of the purchase price). Once you get to the 50/50 split level making the jump to buying ON YOUR OWN is just a deal or two away.
It comes down to HOW BAD YOU WANT IT. You quit your job, and you have no CASH. You can look at reality and make some moves that may be unpleasant NOW, or you can kid yourself and waste time during the BIGGEST SALE in REAL ESATE HISTORY!!
I know what I would do if I were you. The question is WILL you do want you HAVE TO DO??? Sacrifice NOW… For the pay off LATER!!
oo yea the “REAL WORLD”…hah…gotta love it right?..im actually making 2x the money i was making doing labor work at a constuction site…no benefits…no health care…just labor lol.but i know what you mean…i thought about everything before i made the leap!!..but i actually found a partner for one of my deals so ill fill you guys in and let you know how it goes…i know about the real world…and at 23 im tired of it already!! :cool
You might find a partner to put up the money. Less risk and maybe they know a few tricks.
C