Midway City, CA · Member since 2014 · 1 post · 0 votes
Hi
I am not looking for an investment I am a first time buyer, I cannot find creative financing at all. I have 20-50% down depending on property, I have a 550 fico. Just a bunch of credit card collections. And a couple of medical. What happened to money talks? I could buy a distressed property for cash but why should I? I am looking in South Carolina. I need an experienced subprime mortgage broker or a legitamate owner financing. Regardless I need advice and help. We are paying on some of the bad debt my husbands credit is probally worse but we will be paying off student loan shortly.
Investor · Smyrna, GA · Member since 2014 · 96 posts · 72 votes
12y
Probably not what you want to hear, but I'll answer the questions first, then the advice. What happened to money talks? The housing crash, the bank melt-down and the financial crisis of '08. Buying distressed property for cash, but why should you? Because you have a history of not paying bills and it will be very hard to find someone to risk their lending capital on you. You have cash, but choose to use it for a new purchase, instead of paying old bills-how do you think that looks to any lender? As far as advice, you have answered your own questions; owner financing at a high rate, or a questionable sub-prime loan. Or pay off your bills, work on a time frame to raise your score, and take advantage of the tax benefits and low interest rates to get an FHA loan.
Investor · Smyrna, GA · Member since 2014 · 96 posts · 72 votes
12y
Probably not what you want to hear, but I'll answer the questions first, then the advice. What happened to money talks? The housing crash, the bank melt-down and the financial crisis of '08. Buying distressed property for cash, but why should you? Because you have a history of not paying bills and it will be very hard to find someone to risk their lending capital on you. You have cash, but choose to use it for a new purchase, instead of paying old bills-how do you think that looks to any lender? As far as advice, you have answered your own questions; owner financing at a high rate, or a questionable sub-prime loan. Or pay off your bills, work on a time frame to raise your score, and take advantage of the tax benefits and low interest rates to get an FHA loan.
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
12y
The best thing you can do in my opinion is to study seller carry creative financing, where the seller carries their Equity in a note, and you put 20% down, the payment on the private note is something that you can definitely handle. Seller financing is a tool that works in creative real estate investing.
Also tools like subject to, installment sales, and wraparound mortgages are all valuable tools.
Go to your REIA president and ask the president for a good attorney that understands seller financing.
You should understand the eight points of the ability to repay rule with seller financing under Dodd Frank.
Real Estate Consultant · Lansing, MI · Member since 2011 · 356 posts · 306 votes
12y
Have you thought about connecting with a local investor who spends time on this site? If I were in your shoes, knowing what this community is all about, I might try to find someone who is willing to do a deal with me. If you have a decent amount of money to put down, I'm guess there's someone on this site who would be willing to do a land contract with you, especially if you have 20-50% down...
Wholesaler · Lenoir, NC · Member since 2013 · 297 posts · 127 votes
12y
@Daryl Guy in the area that I am investing in I am paying cash for under $20,000 and less than $10,000 in rehab. With the rents ranging between $500 and $750 rents a month. Have you thought about investing in areas like this?