Posted by Crissie C. Luckey, J.D. on January 31, 2000 at 18:08:49:
Chris,
I agree with you re: creative mortgage brokers. The problem is that the mortgage brokers in my area aren’t very progressive. Do you know of any I can work with via the internet, etc. in other parts of the country, who ARE progressive and have leads on investors, etc?
SUGGESTIONS WANTED: How to Spend $11k for Realty Profits - Posted by Crissie C. Luckey, J.D.
Posted by Crissie C. Luckey, J.D. on January 31, 2000 at 16:02:15:
Hi All,
Due to the recent refi of an inherited home, I have $11k available in free money. I’d like to invest in real estate in transactions that will bring me maximum returns (i.e., at least 50-100% return per deal).
CHALLENGE: I have VERY VERY VERY VERY BAD CREDIT !!! So, traditional money sources such as banks, etc., for lines of credit to purchase REOs, fixer-uppers, etc., are not open to me.
How can I invest this money in real estate with my current credit situation in order to achieve these types of returns?
Thanx, Crissie
Use the money to re-establish your credit… - Posted by Ben
Posted by Ben on January 31, 2000 at 22:38:37:
negotiate a pay off on some judgments to get them removed from your credit report, pay down some high interest debt, apply for a secured credit card (the type where you put up money for security). This will benefit you more in the long run.
Re: SUGGESTIONS WANTED: How to Spend $11k for Realty Profits - Posted by Jim IL
Posted by Jim IL on January 31, 2000 at 20:43:18:
Crissie,
If you have $11k, then why not spend a small part of it on some courses, and learn to use the rest to make a killing?
You could get Bronchik, Legrand, Kaiser and lonnie stuff.
If I had a sudden fall of $11k, I’d get Lonnie Scruggs’ books first and do a few “Lonnie deals”.
The return is killer, and you would be able to use your cash to buy the homes, and not your credit.
Look at some of the success stories here, and see the returns these people get in MH’s.
Unbelievable, but do-able.
You could turn your $11k into $50k of mobile paper in a few days.
Imagine walking into a mobile home and hearing the price at $4k, and then offering $2k CASH RIGHT NOW!!??
Do you think you’d get a deal?
I’m sure they are out there.
That is the next frontier for me in my investing,
Jim IL
Re: SUGGESTIONS WANTED: How to Spend $11k for Realty Profits - Posted by Chris
Posted by Chris on January 31, 2000 at 16:19:49:
A mortgage broker who deals with investors in your area is who to turn to. Not just any mortgage broker will do. They have programs which will look solely at equity in the property-no credit check, income verification. Also, look at JP’s article on creating a note and selling for cash at a discount. In fact read all of the articles on this site.
-Good luck, Chris