Posted by Ben Carmona on May 15, 2007 at 15:55:14:
You need to start visiting local banks where the properties are located. Local banks will be more concerned that the subjects cash flow than they will your personal info.
It may take speaking to several sources but shouldn’t be an issue.
Ben Carmona
Private lenders in Tx - Posted by SeanF
Posted by SeanF on May 14, 2007 at 22:25:41:
I am in need of some advice on this investment opportunity. I have come across a deal to purchase some rental property however i dont think i can purchase it by conventional means because some of the units are somewhat distressed (slight rotting of the wood, in need of new flooring… etc.). A lady is wanting to get rid of all her rental property (8 duplexes and 2 triplexes) all on adjacent streets across from a small university and a prime rental maket. Each unit rents for 500/month and she is asking 38K for each of the duplexes and 48K for each of the triplexes. 80% of the units are currently rented. The cash flow potential for these properties seems very profitable. She is willing to sell each property seperately to me but I would like to purchase as many of her properties as possible. I am not sure how best to go about it.
Here is my situation:
I am young… 25 years old. I have a 650 mid score (The only blemishes on my credit are small collections from when i was 18-20). I have my real-estate license and mortgage license but have not began to start marketing it yet. I am a senior in college (bio-chemistry major) and have been bartending and managing bars for 7 years (5 years at one job and the past 2 years where i currently work). I have qualified for a 100K mortgage by going stated-full doc with the use of my bank statements which will show consistent deposits of 4-6K/month over a 2 year period. I own one duplex already but it was purchased recently and does not have more than maybe 10k in equity. I have about 10K cash on hand to invest.
However like i said the property is distressed and I’m not sure how to go about obtaining financing. I’m not sure if hard money is the route i need to go since i am not wanting to do a quick flip on the property. Are there any programs/lenders out there that will finance these kind of deals over a 10yr period? Any advice is greatly appreciated.
Thanks,
Sean
Re: Private lenders in Tx - Posted by Kenneth Hocking
Posted by Kenneth Hocking on May 28, 2007 at 13:17:11:
E me a little more info I have some interest in this kind of investment