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new investor with good credit and low debt - Posted by ron
Posted by ron on July 08, 2004 at 24:50:25:
I am a newbie at this, but have read a great deal on the subject and am ready to get started investing. Here is my question: I have good credit (770 avg. FICO Score and no negative marks on the 3 credit bureaus). It seems to me that if I am constantly looking for zero down or low $ down deals I will be passing up other deals where I could easily qualify for bank financing. Am I incorrect? I don’t have a high income ($42,000), but I have managed my credit wisely and have no credit card debt (only a house and an auto loan). Should I consider bank financing to purchase properties? I am asking this because I see so much about leveraging OPM. That seems risky to me and it seems like there aren’t as many of those deals as there are if you can get financing. Please set me straight if my logic is off. In my area (northern Delaware) properties are moving at a fast pace. Most homeowners are selling FSBO because the market is so hot. Thanks for reading.
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Re: new investor with good credit and low debt - Posted by T.Byrd
Posted by T.Byrd on July 11, 2004 at 02:24:37:
It’s great to see someone staying away from unneeded consumer debt and being wise with their money.
In regards to using OPM vs.bank’s money,etc., I believe you may should spend a bit more time understanding OPM. When you buy using OPM, that just means it’s not your money. The bank gets the funds it loans you based on $$ from other investors,depositors,etc., and if they sell the loan they madeto you (and almost always they will) it will be to an investor or group of investors. I understand what you’re saying as far as seller financing,etc. but understand why you want to use OPM.
1st-buying subject to existing mortgages or with seller held mortgages keeps you from having to pay loan fees,etc. if you were to go conventional,also it keeps your credit score high by not adding more debt in your name & it allows you to season the title in your name, giving you more options on refinancing in 6-12 mos.
2-look at the ROI,return on investment! For simplicity,let’s say you buy a investment property for $100,000 using all cash…your own cash.The property appreciates 5%the first year so at the end of the year it’s now worth $105,000. Your $100,000 cash has earned 5% over the year.(For simplicity, we’re not going consider pos.cash flow,depreciation & tax deductions rightnow).Now let’s say that you bought the same property using the bank’s money with $10,000 cash of yours and$90,000 of the banks.At the end of the year, the property has still appreciated $5k, regardless of who’s money bought it, but thetitle is in your name, so you have an increase in net worth of $5k, but this time you only took $10k of your cash,not $100K, therefore now your $10k cash investment has earn 50% ROI on the same property. And if, by using creative financing,you were able to only bring $1k out of your pocket to buy this same property, all things beingthe same as above, your $1K cash investment would now have earned 500% annual return!
DON’T GET ME WRONG, HAVING GREAT CREDIT AND BEING ABLE TO GET BANK LOANS EASY IS FABULOUS AND MAKES YOUR WORLD A LOT EASIER! But not having cash to dump into marginal deals to make them work will make you a more discrete investor.
I’ve seen that there are a lot of differing opinions from a lot of successful investors, therefore, you can do things the way you want,within reason, and still make a lot of money in RE. But I believe in understanding those areas that successful people praise as good, if I don’t understand them,justto makesure that i’m running my business as efficiently and profitable as absolutely possible.
I hope this helps and wish you the best of luck.
Re: new investor with good credit and low debt - Posted by Space Available
Posted by Space Available on July 08, 2004 at 21:32:32:
Here’s another thought…why not turn your existing home into a rental and look for a newer/nicer/larger/closer-to-work/etc. place to buy as a new home.
If you have been in your current home for any length of time you should be able to rent it out at a positive cash flow.
Do this every 3-5 years and before you know it you will have several homes fully paid for and providing a nice income.
Re: new investor with good credit and low debt - Posted by andrea ford
Posted by andrea ford on July 08, 2004 at 14:52:51:
i think you should go to mortgage companies or try hard money lenders. that way your money down payment will be small. i recommend that you look around to see who has a better plan for you and who can lend you the most money with the least amount of money down as possible
Re: new investor with good credit and low debt - Posted by sptk
Posted by sptk on July 08, 2004 at 09:41:47:
Congratulations on having handled your credit wisely. Being a trustworthy borrower is very important to lenders. You are not limited to being a “creative” investor. You can be a “conventional” investor who comes in through the front door. Creative investing focuses on people with poor credit and no investment capital who find desperate sellers and stuckee lenders who will overlook these negatives. Desperate sellers are willing to walk away from their equity, creating instant profit with a quick re-sell. Below market prices can turn negative cash flow rentals into positive cash flow rentals. Poor credit investors have little to lose if their high risk deals blow up. They already have bad credit. So there is little downside to taking big risks. Since you have good credit, high risk deals that could damage your credit rating have a big downside. Your good credit is golden. There are many times as many non-desperate sellers as not. You have access to deals others do not. Whether or not creative financing works is very location (,location, location) specific.
While the deal is important, the house you end up owning is just as important. Being able to buy any house you want conventionally is a very good thing. Learn to calculate positive cash flow. If you buy and hold, expenses could be 40% of the rents in addition to the mortgage payment. It can be hard to cash flow a property in a “hot” area. Ask me how I know 
Buying for appreciation with negative cash flow is very risky but can pencil out. If you have the luxury of low LTVs that can work as well. The profits from your first big capital gain can finance a whole lot of negative cash flow on your future deals. Your first deal becomes all critical. One stategy is to live in your own home until it can be sold for large capital gains to finance future investments. I bought the pick of the litter for my investments properties conventionally (low LTV) and they have risen in value along with the rest of the market (just luck, no skill on my part). I now have the houses I really wanted and great bargains that even a wholesaler would like. So it can work out Do the math and understand the risks you are willing to take. Have an “everything goes wrong” strategy that limits damage to an acceptable level. It’s OK to design you own race course that has hay bales instead of brick walls. Think hard about this.
Good Luck,
Speednxs
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