Posted by punchdrunk on March 20, 2006 at 11:16:03:
tried that. was told that after paying off debts that they would still have to be lending me at least 60,000 in order to do deal. did"nt understand that one but what the heck, it"s thier money. rehabbing one that I had put in my daughters name, hope to be done soon with that one. ALWAYS stick with the real estate my friend. it"s a crazy game sometimes, but it"s steadier than anything else.
rebuilding from ruins - Posted by punchdrunk
Posted by punchdrunk on March 19, 2006 at 21:30:34:
want a good story to learn from? HERE GOES…had a decent real estate buisness going. about 20 homes! got each of them one by one and did total rehab on each of them alone and out of pocket. the last deal had a restaurant in it. decided to open restaurant myself to add to income. took a total bath. wiped out all my savings, threw me into bankruptcy multiple times using bad legal advice, and lost my dream hometo foreclosure. credit is shot and I"m beat up and whipped wondering how the heck I let myself get away from what I had success with to do something else! so, I"ve drug my battered life back into real estate full time and am trying to rebuild. still have about 15 houses free and clear but going to banks to borrow money is now out of the question. need to do some touchups on some of the existing houses to try and sell to become liquid again but there arent any lenders. any experts out there with any advice?whatever the case. I"m back with real estate for GOOD! Thank goodness I never left my good job!
Re: rebuilding from ruins - Posted by Ken
Posted by Ken on March 19, 2006 at 22:21:04:
If the houses are free and clear i think you can get a couple financed at about 70% to get some cash as long as you are not currently in bankruptcy to fix the rest using banks like Ameriquest.Or just sell them as they are.