it does not matter how much money you make, what’s inportant is how much money you SAVE. just like its not how much you learn, its how much you remember.
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side note: I practiced law for 20+ years, working with wealthy busines owners. 99% of my clients were self-made wealth. one common characteristic of almost all of them: inveterate savers. they did NOT spend money lavishly on ANYTHING. they lived well beneath their means. did not take month-long cruises in the Greek Isles. did not live in 10,000sf monster houses. did not drive $100K+ Mercedes sedans. but they did: watch their bottom line like hawks. and they invested constantly.
don’t fall into the All-American trap of ratcheting up your lifestyle spending every time you experience a little success. this is a guaranteed way of being poor and job-dependent for your entire life.
My husband an I have an opportunity to purchase properties at 25k and appraised value is 75k, I know, that’s 50k in equity.
The problem: we don’t have 25K(of course, sellers want cash and yes we have done our due diligence and the figures are correct!) last property sold in the area for 82k.
I’m wondering does anybody think we should look at maybe a hard money lender.
If the properties are really worth that i would sign contracts with a 30 day close then go find the money.If they really are worth that you will find the money.Take a partner if need be or wholesale them
Why does she need any down payment at all?! You mean to tell me there aren’t any hard money lenders who will loan 100% of the purchase price when the LTV is only 33%?!!
Jimmy has a good point. Even with a hard money lender, you’ll likely need to (and should) be able to put down 20% plus closing costs. If you don’t have this amount, your better option is to wholesale these and other deals until you build up your cash reserves.
all you need is $6000. a $5000 down payment plus some closing costs. if you can’t scratch together this sum of cash, you have no business even thinking about doing this deal, or any deal.
Until a few years back, buying freehold property in Dubai was not possible for foreign nationals. Property boom in Dubai only ensued after some considerable changes were made to the emirateâ??s property laws. Currently, Dubai real estate sector is witnessing a rapid upward trend thatâ??s expected to go even higher with the passage of time. Population of Dubai has grown manifold over the past few years given a sharp and growing increase in the number of expatriates. Both veteran and would-be investors across the globe are eying Dubai as the property investment paradise for a long time to come. Property for sale in Dubai has already succeeded in drawing the attention of foreign investors.
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Nearly all of the buyers of Dubai property find property resale and buy-to-let trend as the most attractive features of property ownership in Dubai. Some recent announcements point towards Dubaiâ??s becoming a tourist hotspot in the near future with more recreation than ever. Newer entertainment and recreation projects are underway which have already drawn a great deal of international attention. The emirate, which is already termed as a playground in the desert, is soon to have more to offer to the worldâ??s recreation seekers. This much international focus means an even stronger property market potential with returns that continue to shoot up.
To the benefit of investors, though not a positive sign for the buyers with no commercial intent, the demand for Dubai property, Dubai apartment, Dubai villas or any other type of property in Dubai by far outstrips the supply. This demand/supply disparity makes Dubai property investment an extremely attractive prospect for the foreign investors. As the experts of Dubai property forecast, the market is lucrative for the investors who already bought property in Dubai. But the market is not so friendly for those seeking rental property right now. If youâ??re one of those lucky enough people who have already secured property in Dubai, youâ??re likely to be reaping profits. But if youâ??re on the lookout for a decent rental accommodation in Dubai, you might have a hard time ahead as the prices are very high and are set to rise higher.
Experts speculate that the population of Dubai will be doubled in 2010. This will turn Dubai into one of the worldâ??s hottest destinations for expatriates and holidaymakers alike and this just bodes so exceptionally well for property investors.
Daniel Marshal
Dubai Property
I can tell you here in north Florida you could get a 100K house for 5,000, they still want credit and all that baloney. The hard lenders are nothing more than traditionl lenders only charging hard lender rates.
It there are any out there we can’t find them, and we’ve called, looked online…you name it. They all say they are hard lenders but want 2 years income statement, bank statements, credit of 580 or more and 15% with 2-7 points.
Thanks for your comment, but if I don’t think about doing a deal like this then when will I be able to do a deal. That’s what I’m asking, what type of venues are available so I can pull together only 6k? I don’t have credit cards and I don’t have anybody to borrow from and I am trying to find a solution to the problem.
Credit scores are in the 675 range, should I try a hard money lender?
let me elaborate about need for money. you did not tell us what your intention was for this property. i.e., turn it, hold it as a rental, reside in it. even if you intend to turn it, you may end up holding it for a while.
but whichever it is:
if you don’t have the 6K you need to close this deal with a bank, you also don’t have the money to deal with unexpected vacancy (if you rent it out), or a new furnace when yours goes kapoot in the middle of January, or an uninsured loss like a broken water line…
I hate seeing people go into deals with absolutely no tolerance for the slightest bad news. because bad news happens all the time.
Hi everyone.
I would suggest to invest in Properties in Dubai Creek Harbour as investors gets more luxury space per foot than other major markets such as New York and London.