ED – Strike 1 – Any suggestions? - Posted by Mike (WI)
Posted by Mike (WI) on February 28, 2002 at 13:30:20:
February 28, 2002
Trying to get into wholesaling and/or rehabbing property for resale. Need financing to do anything. Looked at some foreclosures with realtor. Found a couple really nice ones, but financing with mortgage broker fell through because they were trying to “figure something out to make it happen”. Upon hearing that, the realtor told them not to bother sending an approval letter because if they are taking so much time “figuring things out”, then there is too much risk in the deal. The realtor does not want me to get burned on my first deal, so he’s watching out for me.
In the meantime, both properties have now received several offers from others and I am out of the game.
How do I get financing without all the hangups?
- currently no job (been doing the temp thing)
- credit score is 697 as of Feb. 8, 2002 (Trans Union)
- credit card & student loan debt: mid $20K total.
- currently renting, never bought a home…yet.
Once I do a deal or two, I know I’ll be well on my feet financially and can propell from there, but it’s just getting the first deal that’s the problem, especially when no one wants to help you with the money requirements. They know I’m an upstanding guy who is true to his word, but financing regulations treat everyone who is new as though they are the lowest form of life. I wish to rise above that and make something of myself.
Any help in how to “make things happen” here would be greatly appreciated. Thanks again!
~~ Mike ~~