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Poor Credit For 1st Time Investor |
BigCity412
13 Posts
Member Since: 11/30/2004
New Castle, DE
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Posted: 02:19 on 12-04-2004
Can some one tell me if there are any options for an investor with a 560 score? Would I be better off starting a LLC and borrowing through the corp? Also the homes I am looking into are less then 50K and that is a problem as well. Need help bad and soon. Thanks
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ray_higdon
1292 Posts
Member Since: 05/19/2004
Fort Myers, FL
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Posted: 06:49 on 12-04-2004
Wheras this shouldn't keep you from doing deals, I would start sending out letters to get that score up. Go to the library and get credit repair books with sample letters to send to creditors and the credit bureaus
_________________
Ray Higdon
RLH Holdings
Investor
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BigCity412
13 Posts
Member Since: 11/30/2004
New Castle, DE
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Posted: 10:47 on 12-04-2004
I am redaing right now The Credit Repair Kit. (Laughing) But I need something that will help me now. I can repair my credit but time is a issue I have been doing my homework for about a year. And have looked at 100's of properties and there are about 4 I would like to get by FEB. Ready to rent and Rehabs.
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nbhomes
71 Posts
Member Since: 10/28/2004
Cincinnati, OH
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Posted: 11:01 on 12-04-2004
I don't think setting up an LLC for the purpose of funding will help you. I've found the lenders still require you to personnally guarantee the loan and will use you're personal credit scores.
Considered obtaining property on a L/O?
Do you have money for higher downpayments?
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BigCity412
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Member Since: 11/30/2004
New Castle, DE
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Posted: 11:13 on 12-04-2004
No I dont have a lot for a large down payment.
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BigCity412
13 Posts
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New Castle, DE
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Posted: 11:14 on 12-04-2004
On L/O properties how do I get them and not be affected by my scores?
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nbhomes
71 Posts
Member Since: 10/28/2004
Cincinnati, OH
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Posted: 16:39 on 12-04-2004
Big City
why do you need help fast and soon? Is there a project you are working on now? If so, tell us about it. I'm sure someone can help.
L/O or owner financeing. More flexibility with credit if you can get the owner to trust you.
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BigCity412
13 Posts
Member Since: 11/30/2004
New Castle, DE
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Posted: 22:28 on 12-04-2004
I have been going real estate crazy. I have read,listened and talk to everyone that is where I have been and where I want to be. I live in DE and work for the Airlines so I am able to buy in diff areas. Right now I am dealing with DE,PA and VA. I have a broker that is helping me and he understands that I dont have a lot to put down. I am not that concern with the rate I just need that first one out the way. I would go hard money, rehab loans but what he has found for me that will do 100% want the loan to be min of 100K all the homes except one is under 50K. I am trying to find an owner that would sell but they want some cash to do that. Basically I have the know how as far as picking a gem but I need the cash to walk in the store.
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BigCity412
13 Posts
Member Since: 11/30/2004
New Castle, DE
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Posted: 22:30 on 12-04-2004
I will try and get a grant from a place that I read about that will help you with downpayments..."Ameridream" I just did that Friday. I am hoping they can help me.
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loanwizard
721 Posts
Member Since: 03/21/2003
Coshocton, OH
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Posted: 23:37 on 12-04-2004
Please take this advise as a christmas present. You told us you have credit problems, you don't have a lot of money to put down, but you gotta do a deal now. I don't know you, but from your writing style I'm gonna guess that you are slightly compulsive and are willing to jump at any opportunity. Remember this ain't baseball cards. RE is one of if not the largest ticket item out there. 1st off you still have lots to learn. You need to learn how to structure a CRE deal, then you need to find the right property and then the right seller. Now true enough, if you look hard enough, you may find it and you should keep looking. But, just because you can buy a property doesn't mean you should. Somewhere in the article archives I've got an article about beginning in RE with no money, no credit, and a dream. I strongly urge you to read it and educate yourself a wee bit more before you take the plunge. I've been where you are, and I've done it. You will do it too, but take your time and find the right deal and the right opportunity.
Good Luck,
Shawn(OH)
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BigCity412
13 Posts
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New Castle, DE
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Posted: 23:44 on 12-04-2004
Thanks....Life is a learning process. And I never said I have nothing else to learn. I am saying I have looked at well over 200 properties and have set myself on 4. I have taken everything I can into consideration to get down to these 4. I ask many many questions and have found a nice formula from all the advice. I am as ready as one could be. And I will not let a small thing like money hender me. Where this is a will there is a way.
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ceinvests
686 Posts
Member Since: 11/13/2003
Locust Grove, VA
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Posted: 08:16 on 12-05-2004
BigCity,
Post details of your potential deals. Maybe someone will see specific solution or two for you.
Share more info. of the Ameridream that you found.
I am interested in De. + Va. as well. Is your Va. on the shore? ~C
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BigCity412
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New Castle, DE
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Posted: 09:45 on 12-05-2004
No it is on the Border on NC. In a nutshell. One property is near the waterfront in DE. Needs work to get to good quailty for the type of buyers I would want. Around 50K looks like at least 15K to get it right. Values are going up real nice. Prob#1 My score is 560. I have a partner who has a 700 at least, and boroker said he could do it but I would only be able to be on the title. Prob#2 small down payment is all I have, and that would be eaten up by costs. Property once done would be worth in the range of 90K. Prob #3 hard money would only give me 60%LTV BEFORE rehab which is no good to me at all.
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BigCity412
13 Posts
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New Castle, DE
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Posted: 09:47 on 12-05-2004
The Ameridream has not gotten back to me yet. I just made contact with them on Friday. I hope to no something soon. I have two other companies that give down pay. help. I will get the info and pass it on today. Thanks
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ceinvests
686 Posts
Member Since: 11/13/2003
Locust Grove, VA
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Posted: 10:22 on 12-05-2004
Couple thoughts:
1. DE has a 3.5% tax at closing, right? check into
2. DE had a fantastic loan program for rehabbing for both OO + NOO. If you have not done so, look into that program.
3. Are you intending to do the fixup work? If so, what is your experience and how will you work properties so far apart?
4. If your partner w/good credit is willing to carry the loan and put you on title, what is the problem?
5. Concern. With credit problems + little cash why 4 properties?
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