Re: Big Fat Checks with Luxury Homes - Posted by Dimpil
Posted by Dimpil on October 24, 2003 at 05:40:38:
Frank McKinny does mutli million dollar rehabs.
However, IMHO, there the gap between the rich and poor is getting wider and wider. AND the need to have good credit to afford anything is getting more prevalant each day.
So, I’m going to stick with low income to moderate income as these are the people more effected by credit issues, can’t get loans and such but will come up with the $$ to lease, rent etc.
Also, I’d check with a broker on my states lending laws. The tougher they get the more brokers go out of business and the more lenders stop lending in that state. This creates a GA sitution, where you have a tons of people (professionals and such) who can not bank qualify, few alternate and sub prime lenders and more lease purchase/owner financing opportunities.
GA has had a ton of alt and sub prime lenders leave because the laws got tough. Max ALL fees 3% which leaves tons of people with B-C-D credit who can’t get a home because they have no lenders.
However, they do have a high rate of rental vacany in low income areas, many investors over bidding for properties creating another issue. Over pricing.