Posted about 10 years ago

Day 15 of 90 (04/04/14)

I finally hear from Gail. About 20 minutes before I have to clock into my job. She's talking fast. I've notice, with my short time on this planet, that if people talk really fast or really slow, something is wrong. Well, it's not good.

My credit isn't great. Good news, it's not that bad either. I'm riding the line. Not good. Not bad. Purgatory is what it feels like. I can't get a loan. Even if I could apparently I can't use my Fathers money. It has to be "my" money and not an investors' money. I don't know if this is an all over thing or just in SC. I'd have to take his money and let it sit in my bank account for 90 days before anyone would even consider it to be mine. He won't go for that. I mean, granted, he's giving me a little bit of faith here but his limits are pretty low.

I'm also informed that most Hard Money Lenders in the area want 35% down. So unless I can find a house that costs $28,575 +/- I'm kinda screwed, so it seems.

I'm dejected. I'm upset. This is what I want to do. I want to do real estate. So instead of getting fired up and finding alternative solutions I give up. 90 days is just not going to happen. There is no way I can clean up my credit and get a loan and get the ball going in the time I have left.

Comments (2)

Dan, getting "no" on your financing is dejecting. When I first started, I had even less chance of getting a bank loan because I also had no job. One technique I used was a credit partnership where someone like your dad (or another partner) puts up the down payment and gets the loan. I wrote a BP Blog post on it that you might find helpful: http://www.biggerpockets.com/blogs/4712/blog_posts/36218-credit-partners---how-to-do-deals-with-a-partners-credit-and-cash

Chad Carson, about 10 years ago
Don't get down. You've taken 15 days to figure out where you were at. Now you know where you need to be. If you want to walk down a road, you have to figure out where you're going and prepare for the journey. Maybe this 90 days wasn't *the* 90 days, but it got you to prep for the real 90 days. I'm guessing by your numbers you have $10,000 to work with but it's not your money, your fathers, correct? a) If your credit isn't good, but not bad, what is your action plan to make it better? b) What is your action plan to get more money to use to invest? c) What is your ultimate goal with real estate, to rehab/flip or buy and hold?

Dawn Anastasi, about 10 years ago