Sir,
I was not trying to be racist at all i have many friends that are of mexican, laotian, cambodian, and african decent.What I was trying to piont out is that there was an explosion of minorities in my area and the main minority (being mexican) were wanting homes of their own and were the major buyers in this area these are all good people that I know of and I feel that the market is good because of these good people. They are hard working honest and want to be a part of their community. Should my statement offend you than i am very sorry it was not my intention to offend anyone.
I’m new at this so I have questions. I think I may have found a great deal.The property has been vacant for at least 5 years. It had a fire small minimal damage but because it has been sitting for so long kids and birds have done damage. Can get property for 5000 cost to rehab estemated at 20000. Houses in area sell for 60000. My credit is only 580.Should I go for a hard money leander or is their another way?Any one please let me know.Oh yes the property now is assessed at 12480 for tax purposes.I’m in Iowa.
Posted by Ken (in Iowa) on August 11, 2003 at 19:35:41:
Hi, Nancy,
As you can see from my screen name, I’m in Iowa, too. Where are you located? I’m in West Des Moines. I know of a bank that might work with you on a low LTV basis regardless of your credit situation, but the property would have to be in the Des Moines metro area. Let me know if you want the info.
I’d also be interested in knowing if you find anyone who is interested in doing HM lending in Iowa.
Best wishes to you on the deal - it sounds like it has lots of promise!
Ken,Thanks for the info. I’m not dealing with Des Moines Metro yet.although it has its appeal. Bigger area more potential deals.I’m in Storm Lake Area so the potential is here with all the minorities in the area especially the Mexicans they want to own. Houses that would normally sell for 25000 to 30000 here now go for 50000 to 80000. Haven’t found a HM yet but I will let you know if I do maybe we can help each other.
The info would be great for future deals if you would forward that to me I would appreciate it. My e-mail is angelk18@hotmail.com . Please stay in touch it’s nice to know there are others in Iowa. Nancy
“…I’m in Storm Lake Area so the potential is here with all the minorities in the area especially the Mexicans they want to own. …”
Lady, I dont know what to make of the above statement. It seems innoucous, but at the same time it smacks of condescension, perhaps even racism. Especially considering that these are the same people you want to sell your properties to.
My advise to you is as follows: Racists never make it in RE. Actually they almost always lose all their money, and end up penniless. If the want fortune to smile on you, so you can make money in real estate, do not be racist. If you are, you will end up wretched.
Sir,
I am not racest. I was trying to point out that the explosion of minorities in this area ( mainly of Mexican decent)makes the market very good here.I have many friends that are of Mexican, Laotian, Cambodian and African decent. All of the people I have had the pleasure of meeting are honest hard working individuals who want to be a part of their community. I have found in my past that anyone who takes offence at remarks such as mine are the ones with the problem of actually being racest and it is usually reverse racism. These people of my community are very good people and they are the ones i will deal with and they are the ones who want the deals that are out their.