Account Manager · Cypress, TX · Member since 2015 · 23 posts · 2 votes
Dear all,
As per the subject, I live in Houston, TX., would like to start investing in RE (SF, MF, etc.), but I am having difficulty getting financing because of my of my current employment situation. I have cash available, a good IRA balance (I'm 62), 10.7 acre lot I put in the market ($50K equity minus closing costs), and the equity in my current home (cannot refinance due to the same employment situation).
I would think that there may be ways to get financing, but I cannot find them. Do you have any suggestions you could share? Any successful stories of similar situations?
Investor · Mckinney, TX · Member since 2016 · 26 posts · 8 votes
10y
Sorry to hear about your layoff. You should look into self directing your IRA. There's a very large company in Houston that deals in it. They offer free education on investing it in real estate and a lot of online education.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
Hard money is one way to get a loan on an investment property that you are looking to flip. Also, you can talk with some people from your investment group who may want to partner with you. Let them put up the money and get a hard money loan or let them put up all the money. Either way, you guys split profits whatever percentage you can decide on.
Are you going to RICH in Houston or any of the several large groups that meet in the Houston area?? There are probably 4 or 5 hard money lenders at each meeting who can do a loan for you. Lots of networking, talking to other investors who have done a few deals.