I have done weeks(and a few months) of researching and homework in finding a home that can be purchased, rehabbed and resold. In doing my research I found a home that could turn into a much bigger investment. I have a reputable historical restorer and developer willing to come on board for this project who has been involved in the new housing area built across the intersection. I am looking for a private lender who is willing to take a chance on me with 100% financing, 10-15% of profit. I do not under estimate the chance that this private party will taking, but I know it will be a worth while for all of us. My project involves apx 8 homes in a one block historical area that are ready to be purchased restored and sold.$385,000 to purchase, up to $600,000 to restore. I would like to at least do the initial house that I am interested in. Please contact me if you are willing to take that chance on me with the initial house or all 8 houses. I do not have the credit or $ to make this happen, I do have years in management,self employment plus I’m intelligent and creative in the right areas to make this work. This area is turning fast and I’d like to be the one to do this instead of someone else.This project is in St Louis Missouri.
Hello, I noticed that your post has been read 30 times.
I would like to suggest some ideas to you.
This project may be too big for you to do. I don’t know if it’s your first but, considering your financial situation, you should start smaller. Also, you might want to consider fixing your credit and building some capital.
There are programs available for beginner investors that may be able to match your situation. You may want to explain what your financial situation is.
I would also like to suggest that you continue to read more and do more research. There is plenty of experience on these postings. Ask questions and get answers. Ask for advice or anyones opinion. I hope this helps.
Thank you for the reply. At least someone wasn’t affraid to at least offer suggestions.
I’ve done management / public relations work for at least 11 years. In my last management position which was apx 5 years ago, my arm was crushed during an assault that broke out in the restaurant from a customer. Long story short, we’re still doing hearings to get the company to pay for the medical damages. So Hence, no job no money no way to fix my credit without making the money. In reference to a smaller project. I’m game for someone to help me finance the purchase and restoration of the one house if at all possible, But I know that 4 of the empty houses on this street have already been purchased, 2 of which have been revamped and appraised over $200,000 and the other two are being rehabbed by broker firms. There is a historical restoration movement going on in the area of the homes connected with the aldermans, and its moving fast.
The houses I am refering to could have been purchased this last april for $20,000 a pc. and we’re now fighting to get them between 40,000-50,000. I know I can get the 1860’s house I’d like to redo at $50,000 from the “original” owner. (Lot’s of original french wood work on the main floor…and lots of work I know :-\ I’ve done alot of research and homework, I really hope to find someone that can take this chance or at least willing to talk to me with ideas that would work at least for the one house.
Thank you again Chris, I hope this explains my situation a bit better.
I have a friend that may be a partner on the one house. I’m asking this for him. Should he transfer any monies from his 457 deffered compensation plan to his checking account?He has a decent credit score at 685 but he’s worried about his checking account statement. He’s been behind a couple months with a few things, though this month he is back on time.
Hello, Sorry to hear about your injury. I would have filed for unemployment and/or disability with state and federal agencies.
But besides that, I still feel that you should build up your funds and credit (when you can) and start your RE goal then. Anything you do now could send you deeper into trouble.
Hey if you don’t ask,you don’t get so kudos to you for trying. If your goals on this project are not met you may have ot go back to GO and start again.
Investing is a process, not a jump to Park Place and Boardwalk.
The process starts with getting your own financial house in order.
If you want other people’s money it helps to have the illusion of being able to control your own.
You can begin the process of fixing credit without a job or much money. There are companies that do that quite well.
Good luck, Keep us posted on on your progress of this deal.
Thank you for the kudos! Have you ever invented something in your mind, not taken action on it just to find someone else did and is making a bundle on it? I have too and I don’t care to have that coulda woulda shoulda mind set, so I’ll keep knocking until I can get someone to at least open the door, if not to let me in. If we weren’t watching this area and seeing what is going on, I wouldn’t push so hard to find someone to make this investment possible. I don’t want someone else getting my piece of the pie. The guy I have on board to do the restorations completed the new housing across the interesection very recently and has been selling those houses at a $200,000 start (You pick your colors deal). There are only a couple still on the market. The rest have sold and are occupied. It’s not every day you can find that many homes in one area open to a 10 year real estate tax abatement and the ability to set your home value on your own bulk brick rehabbing vs the neighbors home.
I’m going to do what I can to find someone to help me purchase and restore the first house. The 1850’s french wood work is just awesome on the main floor of this home and close to 90% intact. I’m getting pictures of the home in its original state from the woman that grew up in and owns this house for a guideline to bring the main floor back to its original appearance. (Unfortunely she let someone just drywall the top floor as a rehab instead of a restoration) When that house sells it will be a little easier to show a lender that purchasing all 8 homes to restore would be a great investment, the only thing is that we won’t be able to purchase them at $40,000-$50,000 a piece by then. They’ve already doubled the last 5 months since April.
Could you do me a favor and tell me a little more about the credit help you were referring to in your reply? I’d really be interested. At this point I need every tool I can get and I really appreciate all the information that is given to me.
If you don’t like the blunt truth - don’t read this!
My question is what you bring to the project??? So, you’ve got dreams like everyone else on the planet. That doesn’t entitle you to anything. You can’t work; you have no money; you have bad credit. What do you have to offer? Who needs a partner that brings nothing to the table?
You had a setback FIVE YEARS AGO! What have you done since? Please tell me that you haven’t wasted 5 years of your life waiting for a lawsuit to be settled. Is there nothing you could have done in 5 years with one bad arm.
About the same time of your injury, I was diagnosed with late stage LYME disease. I had all kinds of neurologic problems including one leg dragging, hands and feet without feeling, extreme fatigue, difficulty thinking, burred vision, etc. I didn’t lay around and whine - I kept going. I had a pic line inserted (that’s an IV that starts in your arm and goes into your heart) and had to give myself IVs every day for months. The medicine caused severe nausea. The doctors said not to work. I worked every day and continued to grow my business. What was I going to do, sit around and let my family starve? Winners don’t lay around and whine! Winners don’t beg for someone to take a chance on them! Winners don’t waste their lives waiting for a lawsuit! Winners get out there and do something!
Don’t be a victim!
Why would anyone take a chance on you? I don’t know - I certainly wouldn’t!!!
Hey I got divorced 15 years ago and I’m happy as heck about it. I would have paid double the settlement if I could have ended it sooner. What does this have to do about investing??? NOTHING.
As do the back and forth posts about illness and being victims.
I thought the forums were to assist and encourage each other. If we can’t do that, then silence is an option, too.
Annie, that debt recovery company sends cyclical disputes to your creditors for 50.00/month. If the creditors don’t respond within 30 days they have to remove the entries.
Some creditors will always respond but others will just fall off your report. My friend did this I was very impressed with the results I saw. I will contact my friend and get info.
I am making a broad assumption here that the negative credit that resulted from your accident is older?. Are you taking good care of your current obligations?
I’m sorry for your circumstance, but please do not compare mine or others with yours. You have no idea what myself and my family have been through.
In 5 years I had 6 surgeries and I started a small resale business, so no, Now…enough of my medical history Thank you.
I have not just been sitting around waiting for a settlement. I did not come here to be badgered, I came here for information and hope to find an investor. It doesn’t take a degree to come up with an investment idea that can make a lot of money. I did not just drive around a block and say …ohhhh I can make millions on this house. Please, ignorant I am not. I have done research on this area, I am getting stats on the growth of the surrounding area and I know people doing new developing there and single home renovating. I’ll find an investor to help me flip one house and make a decent $20,000-$30,000 profit, I just believe that with the right investor, the right idea and restorations, that multi flipping 8 homes could bring in up to $100,000 profit per house. It’s an idea that can and will pan out and if I don’t make it happen, someone else will…so don’t badger me for having a vision.
Thank you…Please let me know what you find out for the credit company. I have been taking care as best as possible and I appreciate any and all information you can give me.
You can also contact me at me via email.
PS Per a reply to my forum… Rejections just make me strive harder