Posted by Scott (FL) on April 25, 2006 at 22:39:45:
are ones you may see on the side of the road, posted on telephone poles as…
We Buy Houses.
Take over payments
Tired of landlording
I buy ugly houses
and so on…
Maybe you dont see much of them…
Another thought, call the FOR RENT signs, its an investor on the other end, ask them what they are looking for. You can create your list that way…
As long as the investor can close, who cares what area or state they are from…
HTH,
Scott
New to investing–how do I find financing - Posted by Kim
Posted by Kim on April 25, 2006 at 14:15:17:
I am new to investing and have very little income and terrible credit. I only need to find investors to begin flipping properties. I have heard of hard money lenders and rehab investors but have no idea where to begin my search for them. I have seen websites that say they will buy properties, and they do not ask for credit info. Will using one of these to fund my first deal when found profit me if I keep the LTV low? If not, how do I find funding that I can rely on when I get a good deal?
Re: New to investing–how do I find financing - Posted by dutch
Posted by dutch on April 25, 2006 at 17:42:21:
If you have crappy credit and no cash, it is my estemed opinion that you should not be trying to buy property for rehab. Start by wholesaling: get properties under contract and assign them to other rehabbers for a fee. Quick paydays, little risk, good way to learn the business while you learn. Use your profits to 1) clean up your credit and then 2) build up cash
This business CAN be done with crap credit and no cash, but it is a WHOLE lot easier and more profitable if you have both.
Dutch
OKHomesavers
Makes sense, but leads to more questions. - Posted by Kim
Posted by Kim on April 25, 2006 at 18:02:37:
OK. So how do I find investors who will purchase the rehabs I find? Where do I begin?
I Buy Houses signs, etc… - Posted by Scott (FL)
Posted by Scott (FL) on April 25, 2006 at 18:15:54:
The investors with the bandit signs and ads in the paper will be the ones you assign to. Also, join a local RE club and network with them. You will learn what numbers people will buy at, and how they purchase. You may find that one person buys at 65-70% of ARV, (after repair value) because he gets a hard money loan and that is all he is funded… Or the other guy uses his own cash with little or no holding costs that may buy near 80% of ARV…
HTH,
Scott
Re: I Buy Houses signs, etc… - Posted by Kim
Posted by Kim on April 25, 2006 at 18:38:53:
I have searched the two local papers and I have not found anyone seeking to buy properties. I have however, found some places online that say they buy houses. If a local rehab investor hasn’t been found at the time of a deal, would you think one of these online sites would be of any use?
Also, for anyone else who may be reading for info on this post. I also just read an article on wholesaling (How to build your list of buyers at CREonline.com) that suggested running an ad in the paper to find investors. We have a small local paper and our closest metro area is almost an hour away. We also have several small classified circulations. Do you think posting an ad in any of these will produce results and help me build a list of buyers?
Re: I Buy Houses signs, etc… - Posted by Scott (FL)
Posted by Scott (FL) on April 25, 2006 at 19:12:54:
Any bandit signs?? I cannot speak from experience for measures you have to take in small communities. I invest around the Jacksonville area and by no means are we shy of investors or properties!
The online site may work, try contacting them and see what their buying criteria is…
The ad for buyers may be a good idea due to the “remote” location. Call RE clubs in the closest metro area and ask them if there are any investors in their club that purchase in your neck of the woods. All you need is a few investors that can close and you are set!!
Re: I Buy Houses signs, etc… - Posted by Kim
Posted by Kim on April 25, 2006 at 21:35:18:
Well, I am guessing that since I don’t know what a bandit sign is, that I’ve not seen any of them. I am in Murray, KY. It is a college town and we are only minutes from lake front property. Most of it goes high, but I have seen plenty of FSBO ads that are very low. Plus, being a college town, properties change hands often here. We have many rental investors, but there are so many reasons that I don’t want to get into rentals that I don’t dare list them all.
Nashville, TN is just over an hour away. Are there any restriction to having investors from out of state. Would it do any good for me to become a member at a RE Club in another state. The closest Kentucky RE Club I have found is in Lexington and that is more than four hours from me. The closest midsize city is Paducah at just an hour off.
For immediate, I will contact the online sites and check out their criteria, post ads in circulations and take your advice to call the RE clubs just to scout for investors.
Re: I Buy Houses signs, etc… - Posted by Phil
Posted by Phil on April 26, 2006 at 15:21:35:
Here is what a bandit sign looks like. I have not purchased anything from this site so I can not make any recommendations. I saw it listed on a post while doing some research.
http://shop.banditsigns.com/affiliates/cart/index.php?cPath=85