I never thought this Investing Gig would be easy! In fact I put off investing because I never thought that someone with No Money, Bad Credit and a Medley of "Stinking Thinkers" would ever be able to! Well I'm here to tell you that I'm on my way. Regardless of No money, Bad Credit(550's) and those people who just can't seem to be positive. My first attempt at this was a failure actually my first three attempts were failures!! I tell you this only because you cannot give up. I had two properties under contract. 1 was a 60 cents on the dollar water-front. I loved this property I wanted it so Bad, the 2nd was a 65 cents on the dollar SF Cape Cod. I was always taught find the Deal first the money will follow! So thats what I did. Then was time to take my deals to find the money. After several contacts with Hard Money lenders I found one that would lend me the money! After several conversations and giving him the information I find out that he would not lend me the purchase price and repairs on the property! I obviously didn't have the money for either so I attempted to ask people for money to borrow the difference. No luck1 Well the two deals fell thru due to funding. Was I upset, yes was I discouraged, yes Did I give up? NO! I kept trucking. The third deal-an owner finance property. Yes easy to get approved no banks, no fees, no credit! My type of Deal. The numbers were tight but i thought i could make it work! The owner had it listed for 140,000! I needed it for 135,000! Long story short she wouldn't budge. The properties still Active, after 30 days i am going to resubmit a bid. Through this whole process I ran into an investment club from visiting REIclub.com. I went to their monthly meeting, ran into a wholesaler and found a deal through him. I went to a Hard Money lender that deals strictly in that area(Baltimore City). This lender turned me down for the other 2 properties but was more than happy to lend me the money on the purchase price plus repairs! I had to come out of pocket with the assignment fee from the wholesaler, and the points for the lender(3.5%). I know you said No money, Well i ended up asking people for money to borrow again. Found a person with the money and am currently on my way to close by April, 30th. Keep you posted!
"The man who can drive himself further once the effort gets painful is the man who will win."