Being Brave to Create Success
- OK - so this is NOT a DONE DEAL, but I felt I should write and share this experience.
- I have found [and am in process of making offer on ] a home in an area that is hopping. It needs some work so it appraises much lower than others in the area. With letter of approval in hand, we are set for our loan, but then I discovered our HELOC is actually come due and I cannot use it for this deal...
SO - first I think "I'll ask the bank to open another for $60,000. But my husband thinks that's a bad idea. Then I start asking around for how others have handled getting this last piece in place [maybe a first piece for others]... and finally I take a deep breath and put on my "I CAN DO ANYTHING" hat [it gives me confidence, lol] and call up one of my friends with lots of money.
Background: I thought I couldn't go to any of my "rich" friends until I had at least one deal under my belt. I am a "creative" after all ... would they think I can be a real estate investor and landlord? Well, we all see ourselves one way and then how we think others view us ... and sometimes we are just dead wrong!
I called my friend and told her what I'm up to, what I have on the hook and how much I need to get the deal done. Threw out a few ideas on possible terms [thanks @Nicole W for term rate ideas!!] She said her husband had been discussing a deal like this w/someone and it fell through - gave me his cell # and we had a terrific conversation. I'm going to send him my very impressive BP Analysis and we will be having a discussion shortly!
Filed under the heading: What's the worst they could say?