OfflineHi folks. I'm new here. I've read DGs book BARM, and I've just ordered the "Think Different" course. While I'm waiting for that to arrive, I've been reading LOTS of your forum posts and trying to absorb as much info as possible. Thanks for all the information and inspiration!
I must admit that I am scared spitless. I'm hoping when the time comes that I will have the courage/faith to do my first deal.
I'm thinking of wholesaleing - which if I understand correctly is the same as 'assigning.' I'd like to do assigns and get the cash until I can pay off debts.
About funding...I've read several posts that mentioned coastal funding. I haven't been able to access their website. I've looked under coastalfunding.com and coastal-funding.com and neither address works. Does anyone know if they are still around? Has anyone used them lately?
I found another website that sounds good - www.tempofunding.com. They charge $300+ (almost $400), plus 2% or $1800. whichever is greater. That sounds pretty reasonable to me - someone with no cash and no credit. Has anyone here ever used these guys, and if so, how was your experience.
Anyone know of any other funding sources??
You guys are a fun & fantastic group. Thanks again for sharing so freely. Looking forward to reading more of your posts.
Sandi
Fortune favors the bold.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
SanCar,
I have used http://www.coastal-funding.com for my Proof of Funds letter. I have not closed a deal yet. I did look into www.tempofunding.com as well as http://www.ivisionaryfinancial.com/. They basically all do the same services, fees vary.
Do you have a buyers list yet? If not do a web search "We buy homes___ (your area)". This has proven to be a quick way to find buyers.
Hope this helps,
Kat
I also plan on doing wholesaling but I need to borrow some money to pay my bills until I get the ball rolling. I have recently left my job because how much I hated it and don't want to start another because I know investing will work , I already have a few pieces in place. I can't go to bank because I have no job and just recently started building credit ( only have 2 CC with $500 credit limit). Does anyone know where I can borrow some money, say at least $5000?
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
what exactly is proof of funds? do these companies lend money to almost anyone? Sorry if I sound lacy to research but I am just so busy. Any help would be greatly appreciated. Thanks
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!
Martini,
A "Proof of Funds" letter shows the seller, realtor and lender than you have the funds to purchase the property. I personally request a Proof of funds letter from www.coastal-funding.com for any property I am interested in purchasing. You simply fill in the information and they will email the POF letter to you and then you just print it. It will have the property address in it. You have to request a separate letter for each individual property. I usually ask for funds for the asking price plus $10,000.00.
The money these companies lend does not have anything to do with your credit history or employment it is based on the property and is for an ABC purchase only. The money is lent to you for usually a 24 hour period. If you click on http://www.tempofunding.com/funding_service.html you will see a diagram of an ABC closing.
Hope this helps,
Kat
just try to master wholesaling right now, because it easilier
Haven't yet started my Buyers List, but will take your advice and do so today. I am nervous, but excited. This is kinda fun, isn't it? Thanks again.
Sandi
Fortune favors the bold.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
ScanCar,
I think this is a lot of FUN!!. If you look at that way then it isn't work.
Tonight is the RE investors meeting in our area. Can't wait to see who the speakers will be.
Kat
From the sound of your post, you must be fairly new to this venture too. Are you a newbie like me? Hope you find the funds you need. I am counting on using a company like coastal or tempofunding when the time comes, so I'll be looking for the kind of deals they will fund. I don't know anyone else with the kind of money I'll need - and no way I'll get it from a bank. So, I'm willing to pay their fees to use their money, at least until I make some money of my own. Gotta do whatever it takes to get the ball rolling, right. Good luck to you, and to me, too!
Sandi
Fortune favors the bold.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
I think you're right. Wholesaling sounds easier to me, too. And, I need money now - don't really have time to hold onto a piece of property waiting on profits. Maybe later, after I pay off my most pressing bills, I'll try some of the other methods of investing. Good luck to you, too.
Sandi
Fortune favors the bold.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
Kat, took your advice and and googled 'we buy houses' in my area (Houston) and was stunned by the number of investors/buyers out there. I have a list of 24 companies - many local, some do biz nation wide. Many say they can close in 5 or 7 or 9 days, for cash. Whoopeee, love that! Found two that will pay for birddogging. What now? Do I contact ALL of them? I really don't know what to say to them yet, but can't wait to get started. Will try to see the realtor who sold me my house ('05) and see if she will work with me on REOs - she's the only realtor I know, so far. As they say, 'Baby Steps.' Any tips about talking to buyers?? I can type up a storm, but in conversation with strangers I get a hairball or something in my throat and can barely manage to string a few words together. Guess I'll need to work on my social skills, huh? Thanks for your input.
Sandi
Fortune favors the bold.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
When you show the Seller the POF Letter do they have to have access to those funds? Will I have to have funds of some amount to give to the seller? I'm confused. Thank you for your answers.
Are there any lenders out there who lend Down Payment Assistance Funds for regular (Seller/Buyer) Transactions?
Let me know please! Thanks
Hi everybody
I got a little confused now what is a ABC closing/purchase. I never heard it before.
The POF Letter why do I need it.
Do I need it when I talk to a seller? I'm confused. Or do I need it to show it to whom? These finding's are only available for 24 hours but how do I pay it back? Do I have to have a buyer for the property already ready to buy or can I even assign it to another investor?
So many questions I'm sorry if I got annoying. I appreciate your help snce I'm very new to it but I know I can be successful.
Good luck
Rania