Small business owner trying to invest in RE - Posted by Jeremy

Real Estate Investing
#1

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.

JPiper

#2

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?

Any responses would be appreciated.