? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 20, 2003 at 01:23:00:
If you cannot fund them yourself, I suggest that you seriously consider not dealing in the foreclosure arena.
I feel it is not a good way to go for beginner investors, in spite of the apparent great profits to be made. And, incidently, there are great profits to be made by those who know what they are doing and do it well. It is just that beginners usually cannot do it well.
I have an article entitled “Is foreclosure investing for you” which is on the “money-making ideas” forum of this CREONLINE.COM website. I suggest you read it.
If you discard my advice and go forward, please spend about 6 months studying the foreclosure marketplace and real estate investing so you know what you are doing. In the meantime, let everybody you meet know that you will soon be doing very profitable deals and would like to share the profits with those who will put up money to do them.
You might also go the foreclosure sales and see if you can get a job as an assistant to a successful, long-time foreclosure investor. Be sure to ask this only of the honest ones, not the other ones. I did this and learned a lot about foreclosures here in California. I got the job because I already knew a lot about foreclosures because I had been studying them diligently.
After working for somebody else, you will have a lot of credibility to get other people to fund your purchases. I doubt that you will find institutional lenders who will work with you. But you might. Talk to the loan officers at a bunch of the institutional lenders in your area.
Good InvestingRon Starr*******