Posted by Eric P. Martin on August 10, 2003 at 04:33:47:
Beleive it or not, I don’t. I don’t know everything. What I learned to pass an R.E. exam, didn’t prepare me for what I needed to know in the real world of R.E. transactions.
Why would I post a question for help if I knew the answer to it?
Searching for a solution - Posted by Eric P. Martin
Posted by Eric P. Martin on August 09, 2003 at 20:29:25:
I’ve been visiting this board for several years. Over the course of those years, I’ve bought a few R.E. courses and have obtained a R.E. licence. I’m still renting. I’ve over the last 6 months have improved my credit as suggested by my mortgage loan officer. I still can’t get a pre-approval. My high score is just under 600 (599).
Well as a realtor, I’m self-employed with no verified income as of yet. I would like to venture into getting a building so I can have some type of income as I’m getting started as a Realtor.
I’ve have the LeGrand course (Fast Cash) and still, as a Realtor, can’t understand how anyone could put a contract on a home, with no credit or bad credit, without a pre-qualification letter.
This is my situation in a nutshell. Any ideas of how I can qualify for a loan/with scores under 600, no verifiable income (as of yet)?
Thanks in advance,
Eric P. Martin
Re: Searching for a solution - Posted by Brent_IL
Posted by Brent_IL on August 09, 2003 at 22:31:23:
The problem is that you have read the words, but you haven’t absorbed the message; you still think like a REALTOR®. Many sellers will do as you ask to sell a property quickly. Must-sellers will do anything you ask to sell their property. If you can?t borrow from banks, borrow from sellers or Hard Money lenders. Use your commission as a down payment for high LTV deals or arrange for a REO flip. Put a SOC clause in your contract, pay 30% down, and buy a free-and-clear house with a purchase money mortgage for the rest. Sell the house before closing, invoke the SOC, pay the 30% down payment, and use the residual cash to build a CRE investment empire.
Re: Searching for a solution - Posted by Yeah right
Posted by Yeah right on August 09, 2003 at 21:23:49:
C’mon, if you have been reading this site for years, even months, you should know the answer to this.