Posted by Ed Garcia on March 03, 1999 at 01:13:36:
Michelle:
60%, with good credit, something is wrong. I don?t know where you
live, but if you continue to have a problem, call me at (909) 944-0199.
I think with a few minutes on the phone, I can point you in the right
direction.
Ed Garcia
To: Mr. Ed Garcia (Learning About Financing) - Posted by Nick
Posted by Nick on March 02, 1999 at 08:30:23:
Hello Mr. Ed Garcia;
Hi, in several of your past posts sir, you mentioned
learning about financing.
I am interested, I am all ears.
So where can I learn about how to finance real estate
investments?
Thank you.
Re: To: Mr. Ed Garcia (Learning About Financing) - Posted by Ed Garcia
Posted by Ed Garcia on March 02, 1999 at 09:45:30:
Nick:
I will be one of the guest speakers at the Convention in Dallas.
It is true, I am an advocate of financing. The reason being, I see
financing and cash money as one in the same.
A seller can not distinguish between financing and cash, because when
the product gets to them, it is CASH.
I think that when you know HOW TO GET THE MONEY, you have
more confidence in your deal making.
You can cut better deals,
you can do more deals,
you can do bigger deals,
The problem is most investors are intimidated by lenders.
I watch them make excuses like, Lenders only make loans to people who
don?t need the money, or it?s too much of a hassle or red tape to get the loan.
Nick, I see a lot of advantages to lender money in addition to what I just
mentioned. For example:
Lenders never run out of money,
Lenders can provide us with cheaper money,
with lender money we can increase our cash flow by financing at lower
rates.
In understanding lender financing, not only will it allow us to buy
property, but to sell it as well. We would know when our buyers are
qualified, and if they don?t qualify, how to restructure the deal to
qualify them for a given lender.
The sooner we learn about lender financing, the better off we will be,
because it will not only give us more CONFIDENCE in our ability to do
a deal. But also will give us more CONTROL of our deal.
Ed Garcia
Re: To: Mr. Ed Garcia (Learning About Financing) - Posted by Paris
Posted by Paris on March 03, 1999 at 24:53:30:
Very informative post Ed. Looking foward to meeting and picking that brain of yours.
Thx Paris N Baton rouge
Re: To: Mr. Ed Garcia (Learning About Financing) - Posted by kathleen
Posted by kathleen on March 02, 1999 at 20:25:44:
Ed:
When you put in your offer, do you make it a cash offer even when you plan to get financing?
Re: To: Mr. Ed Garcia (Learning About Financing) - Posted by Michelle B.
Posted by Michelle B. on March 02, 1999 at 11:53:51:
Thanks for the great advice. I’m new and trying to learn about financing right now. We’ve got good credit, but the places I’ve called will only finance 60 percent or tell me they don’t like to lend for RE investments. I’m still trying. I’m sorry I won’t be able to be in Dallas to hear you.
Michelle
Re: To: Mr. Ed Garcia (Learning About Financing) - Posted by matt
Posted by matt on March 03, 1999 at 01:20:03:
Paris,
I’m from br also. How long have you been investing in re? I’m interesting in talking if you are. Thanks.
Re: To: Mr. Ed Garcia (Learning About Financing) - Posted by Ed Garcia
Posted by Ed Garcia on March 03, 1999 at 01:04:38:
Kathleen:
Each deal is different. When I know the deal will be contingent on a
fast close or closing time, yes. If I?m allotted more time, I take it and
put financing in place. The majority of deals I do, usually are a
combination of cash and financing, to later be refinanced pulling out
my cash.
When I talk, I usually talk cash. After the deal is cut, as long as the deal
closes in the time frame agreed on between the seller and myself, the
seller is happy.
Also Kathleen, at one time I had a working credit line that was designed
to buy houses. I could buy the house and put it on my credit line, because
I could close so fast the seller never knew the difference.
Today I use my own money, as well as an investor base as a credit line.
If I do a deal over 2 million dollars, then I bring in a partner, who usually
is my brother in law.
But no matter how we originate or do the deal, it will always end up
being financed.
Ed Garcia