Lots of deals, not alot of money. What to do?

[Keenan Patton]

With a crowded market in my area, I'm still finding it semi simple to find great deals. Though with low money reserves and fair credit I have delays getting the funding needed.

All the deals I find that are good enough deals, for my variables, I can't seem to get owner financing. With only small bank accounts, and credit that doesnt help much, what are some techniques people would use, or f uh lending partners. Does anyone have this issue and are able to overcome it without just waiting to save large down payments for all the properties you want?

[Erik W.]

I have two partners with access to several hundred thousand $$$s that I found by simply asking around.  To win their confidence, I had to show the deal, the numbers, and offer equity or a tempting return. 

One alternative to partners is hard money, because they loan based on the asset, not your credit-worthiness. If you can negotiate a deal that is truly 70 or less LTV, they will usually lend against that with a first position note and you won't have to come up with a down payment. Take no offense, please, but they don't care if you aren't paying your bills as long as the asset is good enough. Their security is 30% equity margin in a property that they can and will take back if you fail to pay as agreed.

Btw, be sure that 70 LTV is based on legit, current market sales comps, not sales listings or some inflated "ARV" that a wholesaler throws out after poking around on Zillow for 5 minutes. If you can't sell the property in less than a month for that price, it's not accurate. So to use this technique effectively, you have to become as intimately familiar with actual sales in the area as a Realtor who has been selling that neighborhood for a few years. Takes a lot of work, but once you're good at it, it's easier to maintain a pulse on what current values are.

Good luck!