Credit cards? Home eqity line of credit? Quitting bad habits if you have them? Are any of these viable options?
We’re only talking about a few thousand bucks here. You’ll have to change something in your life if you’re going to be successful in this or any other business. Maybe you should consider a second job.
I’m not trying to criticize, but, you will have a much better chance of succeeding if you spend a few months, a year, or how ever long it takes to get your finances in order.
Sorry if this sounds harsh…but if you follow my advice you’ll thank me later.
Just read DOW and it seemed very helpful. However, it didn’t seem to mention how to raise funds to do the initial buying to “get the ball rolling” It seems Lonnie had the money flowing already because he was into rentals already. What “creative” tactics has anyone used to raise funds? Unsecured loans are not an option for me because im self employed for less then 2 years.
I have one im trying to buy on contract (for a reasonable price…not bailing out an upside down loan) they have no loan on it. So this should get some cashflow going.
I have an opportunity for another 3/2 that is almost all the way remodeled. I would need about $3000 to get it and finish the remodel (have to have cash for this one)
Are there people on this board who want to loan money on these type deals?
P.S. my self employment is a Handyman business so my rehab costs are minimal.
Posted by Karl (Oh) on August 09, 2003 at 21:18:36:
I think his second book, Making Money with Mobile Homes (that has such a great ring to it!) goes into more detail about finding money to do deals.
If you can do a deal and put one note together, you could sell a partial on that note to raise cash to do another deal. This is as creative as you’ll ever need to get.