Posted by JPiper on November 29, 2000 at 08:07:41:
I doubt if you’re right that you can’t get lender financing…especially if you’ve got a little cash to put down and your credit is good. You could try some of the “stated income” loans that are out there. Call a good mortgage broker.
Or, you could read this site. Lots of ways to buy houses that don’t require YOU getting a lender.
But, a classic way to make money is to buy cheap, fix up, and resell at retail value. That $6K house might be an excellent deal. But before you’ll know, you need to know what it’s worth AFTER you fix it up…and what it will cost to fix it.
Small business owner trying to invest in RE - Posted by Jeremy
Posted by Jeremy on November 28, 2000 at 21:55:36:
I have a couple questions for experienced investors. Is it possible for a recent college graduate (with 30K in college loans) and a 2nd year business owner to get financing for RE investing? I’ve spoken with a few lenders in my area, and the same answer every time is, “you haven’t owned your business long enough and/or your not showing enough profit in your business to get financing for RE investing”. I have asked some family and friends to loan to begin investing, but most of them do not have extra $$ to loan. I have been interested in investing for over a year. Most private owners that are willing to land contract a house, will raise their asking price 10 to 15%. Should I just begin by buying a $6,000 house with my own cash and fix up to resell since i cannot get lender financing?