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Updated over 16 years ago on . Most recent reply

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Rich Weese#2 Off Topic Contributor
  • Real Estate Investor
  • the villages, FL
3,499
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5,700
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Help on financing question

Rich Weese#2 Off Topic Contributor
  • Real Estate Investor
  • the villages, FL
Posted

I'm not your normal investor. I've been doing this for longer than most. My question is this. I've done almost everything for cash the last 20 years and arranged affairs to not pay taxes nor show taxable income. No recorded debt per se. I own a lot of homes on owner financing which gives me adaquate depreciation(ownership is LLC funneling to an Irrevocable trust) to offset the cash flow from F&c homes.
I don't have bad credit, just lack of credit. Are there actually lenders out there making loans to investors like me?
1. I have no institutional loans currently
2. I own a substantial # of homes, all rented and all F&C
3. I show no taxable income after deductions.
4. FICOS should be around 700

I'd like to take advantage of some of the reos here, and don't need the cash flow, so I can afford loan payments, to be paid from the LLC.
I haven't talked to lenders, since being told the stated income loans were gone. I'd like some current updates on lenders and deals out there.Thanks in advance.

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