OfflineThere was a Forum created to talk about the fantastic E.D.G.E. conference. I was excited to be able to speak at the event about the success I had in raising money for some rehabs I did.
I posted a 3 step process under the Forum that Anita created, but I was asked to start a seperate one to make it easier to find and get feedback on this specific topic.
Feel free to ask questions or submit your own success in this area.
Hopefully this will help people who have run out of ideas on raising money, or don't know how to start in the first place.
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Thanks for sharing your insight with all of us. You did a great job at the Gain the EDGE live event and we found the information you provided to be very useful. I hope you are having continued success in all your deals. Best Wishes. Believe and Achieve!
- Joe
are we allowed to exchange phone numbers? I have read about you in the book and I would love to talk to you over the phone. I'm a single parent that has lose his job in febuary and my unemployment will end in 2 weeks so i need to sell something asap. any info would be highly helpful.
Can anyone tell me if small banks will ask if I'm employed? Or just give give money toward property I'm buying?
Thanks for all the great information. There is so much to learn about the whole process of getting financing. I have been thinking about going to a local bank for a commercial loan. The property is in need of a lot of renovation. What kind of numbers would I need to bring to the bank to get them interested? My personal credit is ok, but I don't think it would help me get a loan. I have no personal money for a down payment. Any advice would be appreciated.
Janet
"Investing in you - Improving our community"
I have heard on two occasions, one from a lender and one from a realtor, due to new Fannie and Freddy laws that passed a few months ago that one must own the property 6 months before being able to flip it. Due you now anything about this? I am looking forward to starting a career in REI and this sure puts a wrinkle in things, not to mention how tight the banks have become.
THIS STUFF IS AWESOME.... INFORMATION INFORMATIN INFORMATION
JUST THE ANSWERS I NEEDED WITHOUT KNOW THE QUESTIONS TO ASK OR HOW TO ASK
THANKS NATHAN
I WAS TRYING TO SEE HOW I CAN BOOKMARK THIS DOES ANYONE KNOW
Hi Janet,
I would find someone in your area who can help you locally. Go to Craigslist.com and look for people who are trying to buy property...you will see their adds. Pick their brain on how they got started and how they are able to obtain these houses that they say they can pay cash for. Network from there.
Good luck!
To jdl227:
Right now there is a rule in place that a person buying via FHA cannot purchase a property from anyone that has owned it less than 90 days. They can make an offer, but at the time of underwriting, the deal will fall through...trust me. At the 90 day point, they will need to submit a new offer. Not all agents know this...so they will blindly submit offers not even knowing they are no good. I have not heard anything about 6 months...as of this month it is still 90. However, if an FHA buyer gets past the 90 days but the seller still has owned it less than 180 days, there are 2 seperate appraisals that need to be done...the second must be paid for by the Seller (you). FHA appraisals run about $500 right now from what I am told...so work that into your budget.
Hope this helps