All Forum Posts by: Jason Shackleton

Hey @Alejandro Facio This is mostly true. Asset backed lenders are a thing. There are also some no doc lenders. They come with higher rates. Even some no doc lenders will still look at credit score however. 

Hey @James Devoe 

I am also unsure why you would want out of the seller financed mortgage so fast. They have some good advantages. I do not know how long you need to wait but you will need to own the property for a long enough period of time for a new lender to lend on it. This seasoning period is often 6 months. Also I would look into credit repair now so when you do go to refinance in the future your credit will allow you to do so.

@Aaron Delavega 

This can be done. As stated above you likely will not get the best rates as the top tier lenders will have provisions against this. You just need a solid plan and to locate a deal with lots of equity in it. Flipping or a BRRRR is what you are looking for here. It is a very risky strategy but as others have stated above it is how they got started. It can actually be a lot cheaper than giving up equity in the end.

Would Dave Ramsey sign off of the borrowing to invest strategy? No he wouldn't but it can work out well for many. It can also go south fast so make sure you know what you are doing first.

Many people are unaware that with 700 plus credit, low card utilization and depth of credit working for them you can get access to a significant amount of credit. This credit can be accessed through one's personal name or through a business entity. I am surprised this topic does not come up more on BP. These lines are perfect for paying for smaller renovations and can come in handy.

Hey @Shannon Gauthier there are ways to make this deal happen. It sounds like you need roughly (not inculding closing costs) $118,750 at 25% down to close on this deal. An SBA loan might fit. Heck you could likely do credit card stacking in your personal name and get 45k or so. Although this will come with a high rates it would likely make more sense in the long run vs giving up equity. You can service this debt with the cash flow from the business. Also seller financing is likley a good play here. 

Welcome @Patrick Villaviza! Rich Dad Poor Dad Changed the game for me too. 

Best of luck with your investing!

Hi @Gloria Wang 

I know of a lawyer that has been helping Foreign Nationals set up entities to purchase properties for over 15 years. I also know a few lenders that lend to foreign nationals. Happy to help.

Hi @Justin Kennedy These are tricky to finance. I know someone that lends on these as you stated it is not conventional financing. 

Hey @Steven Vonklein

There are many reasons why you may have been turned down based on your personal financial situation. A Broker really needs to help you determine what exactly that reason is so that it can be worked on for the future. For now there are many lenders that look more at the asset than the borrower, allowing you to refinance sooner rather than later. They simply have slightly higher rates than what you would find traditionally.

I ran into this refinance issue myself years ago when a property I renovated nearly doubled in value. On the refio the A lenders simply did not want to give me access to that amount of money based on my new DTI ratio. Long story short I was able to access the money through a B lender and made a very high ROI on my next deal.

@Jim Miller A website is useful yes. A landing page is likley to be more effective for having your leads call you directly. Especially if you are going to be running online marketing campaigns. 

Hope this helps!

@Marco Manomat I agree with @John Underwood seller financing is likley your best bet. It is common for land  to be owned free and clear so seller financing happens all the time. It is also hard to get bank financing for land. 

All the best