Posted by Mike C on February 27, 2001 at 11:32:52:
Get a partner. It’s not easy but one way to buy foreclosures is to make arrangements with a partner in advance. Talk to your attorney, tax preparer, banker, etc about your plan and the need for a partner. You will be a bird dog for other real estate investors, at least until you have cash and/or credit to buy yourself. You might also have to find a deal first to appear credible to your partner. No problem, just get out there and find a no brainer deal (they exist) and tell your future partner that there is more where this one came from. You might have all the cash you need after making your partner a few bucks. Don’t worry about dealing with brokers - they could be a big help because most banks and institutions will only sell via a broker. Get to know some brokers and explain what you’re looking for. There are some go getter brokers, too. I have a number of tips to help other brokers track down REOs quickly and effectively.
A no doc loan generally refers to no documentation of income. In other words, the lender doesn’t care about your income or credit, they only want to know about the value of the property. Of course, you might only get 50% or 60% LTV with a no-doc loan but that may be enough to get the job done.