Where to get a loan?

Financing, Hard Money Lenders, Private Money
1

I am looking to get a loan for $110,000. I have found some property that I might be interested in. I do have somewhat of a problem though. My FICO is kind of low (530’s) but I am working on that. I still am not sure If I plan to buy the property yet as I have not worked the numbers out thoroughly. I really want to get into owning and renting property but only if I can have a positive cash flow. I am currntly making approx. $30,000 at my current job.

I guess my question is who should I talk to about this kind of thing as far as loans go? Would my only other option be to have the seller carry the note fully or even partially?

Thanks,
Jon

2

I’m in Ohio! I also should let you know that my base salary is $24,000 but with bonus it’s closer to $30,000. Sorry for any confusion I may have caused.

Thanks,
Jon

3

What have you been doing to correct your credit situation

4

It would be helpful to know what state you are in?

5

Where are you at in Ohio, NEOTRACER?

6

Neo, I think you need to self-examine your own situation. The loan you are looking for mean a payment of AT LEAST $600/mn plus yuou have taxes and insurance (probably another $150/mn). You might see offers for very low payment, but those are negative amortization loans which could be very bad for you in the future. Your credit score indicates you have had some pretty serious credit problems. To put it bluntly, your track record of paying bills stinks. This is not a great situation heading into buying a house.

So, you need to ask yourself 1) can I make/afford an $800/mn payment on your current income??? (remember bonuses are not guarenteed and may not happen) 2) can I not repeat the mistake made in the past that lead to unpaid bills (and poor credit score).

Just some food for thoughts; one thing to consider it wait awhile and imrpove your credit score (you will qualify for much better loans terms!)

I’m sure you can find some one to make you a loan, but they will not be there to help you when you are trying to balance your check book and make you loan payment on-time in the future.