Posted by Charles on August 18, 2003 at 10:20:38:
Yes and No! Commercial acquisition yes and residential real estate no. Residential real estate you are the qualifier. There are many ways to skin a can however. Remember the team!
Quick Question - Posted by M
Posted by M on August 17, 2003 at 12:18:34:
Lets say you made a business out of doing subject tos, lease options, flips, etc, etc, without using any of your own money. You started making a lot of money doing this. Now your ready to start buying multi-family units on your own (no joint ventures or hard money) Will banks lend money to you? It seems a lot of you people here are full time investors and can get loans very easy. I don?t understand that. I always thought if you didn?t have a “steady job” (ie. work for somebody else) banks hated you. At what point will banks lend money to you? I?m guessing you will have to incorporate your business then show them 2 years of your business transactions? Explain to me how some self-employed people end up getting loans please.
Re: Quick Question - Posted by Charles
Posted by Charles on August 17, 2003 at 20:54:35:
Great question! With the right financing you can turn a great deal into the deal of a lifetime. You are indeed running your own business, whether you are self employed with an official corporation or just doing real estate on the side. Either way your running a completely different business. My big advice to you is to start building your team. One running on the field solo is quickly trampled by the right team. You need a great accountant, real estate attorney, inpector, realtors/bird dogs/investor friendly, older mentor’s with a portfolio and yes of course a sophisticated lender/mortgage broker. There are only about 8,000 products that will allow you to get a loan with no w-2/wage earner silly requirements. You could take advantage of some fun programs like no doc loans,low doc loans qualifying for money has never been easier. Find a team member with a portfolio of at least 5 properties himself.
Good luck, anything worth having is worth earning.
Best regards,
Charles
“My House” The real estate show
Re: Quick Question - Posted by M
Posted by M on August 18, 2003 at 01:47:06:
If I have a healthy financial statment, wont that go a long way in getting me financed?