so sick of scammers Help :)

[Danielle Hammond]

For 2 weeks I have been bombarded with scam artists! Im over it. I am seeking a private money loan for only $50,000.00 to start my realestate rental/flip business. Also, To gain experience and learn how everything works. This investment has very very little risk.. its 50k into a property worth atleast triple.  Once the 50 is used to purchase and completely renovate it will be worth MUCH more to a bank who will more than willingly refinance it, paying back the original loan. 

I am looking for advice on where to find a lender... like an actual lender lol... not some guy from some country ive never heard of who speaks no English and agrees to anything lol! I have read many forums... my problem is I dont have LOCAL groups, should I travel? Im running out of time. :( Help me out please. Since the deal I have found is soo good I am willing to make up for it in a high interest rate. ;) I realize I will not make a ton of money off the bat, and I am comfortable with that, I just want experience and equity!

[Joel Owens]

The problem is if you have that many collections they will be looking to lien anything that has potential value.

Paying hospital bills month to month re-seasons the timeline on the ability to collect.

Companies buy this stuff from hospitals and docs for a few cents on the dollar and then add crap fees to it.

What you should try to do is negotiate a settlement considered payment in full and also they delete the account off of your credit reports whichever they are showing on.

How much hospital bills are you talking about?? If you have low income and high debt filing a chapter 7 and blowing it all out and starting over might make more sense.

Credit can usually be cleaned up. Some people just dispute the debt as not theirs and then if they keep giving to a new collection company they sue them in court. Filing in some areas only costs 100 bucks. When they see you have filed they likely will just settle in your favor rather than pay their attorney thousands to show up in court.

You have to know how the legal system works.

You might need to re-assess your plan. If you did a chapter 13 those keep your credit in the toilet while under the plan. 90% do not finish the plan ( usually 3 years)  until full discharge  and the case gets dismissed for non-payment. Then all the frozen creditors lump on more fees and interest and it is higher than before.

The chapter 7 blows it all out if you qualify and immediately in a few months you can usually give someone to start offering you credit again with a small amount to rebuild ( few hundred bucks credit card with a deposit etc. ).

Also because you have credit issues a hard money lender or private lender will not feel comfortable lending no matter how good the deal is. They make money and velocity by charging upfront points. Get the money out and get it back in quick. If a borrower new to rehabbing with spot credit gets stuck with the property the HML lender wants them to be able to refi out and qualify for a landlord type loan. The HML doesn't want to be stuck extending the loan. Remember they want points, points, points. Some companies have investors that invest with them and they pay a set fee in interest ( return ) to them so the points are their spread. If they have loans extended all the time they are not making any money ( points ) for themselves.

Maybe if the deal is so great why not you just assign this deal for someone else to buy and then use the funds to dig yourself out of the hole etc.

No legal advice given.