All Forum Posts by: Frankie Woods

If it feels like a scam, it probably is. Call local banks, talk to your REIA, spread the word on social media and to your friends and family. If you are finding deals, you will be able to find funding.

You might be able to get a HELOC on your property. Try calling Navy Federal Credit Union. Another option would be to get private funding thru a family member / friend and they can place a 2nd lein on your duplex as collateral. I would pose the question in the New Jersey forum for lenders / private money.

Sure, send me a Friend Request or email me.

As others have stated, I have multi credit cards tied to my EIN which is attached to my LLC. They are great because they don't affect your personal credit utilization and hence don't affect your personal credit score. You should be able to find a business credit card other than Home Depot's that offers similar introductory 0% APR periods.

Cut expenses and save, save, save.  Consider working for a real estate professional in your area [e.g., bird dog, data entry, etc.] to learn the ropes and build relationships.  Constantly analyze deals on a daily basis.  Eventually, an opportunity will present itself that will work for your situation because you have done the leg work.  Remember the saying: "Luck is just opportunity meeting preparation."  Happy Hunting.

I just recently acted as a hard money lender for an investor in my area.  They are newer investors and offered me 20% interest-only payments for 12 months with the intent to be out of the loan within 3 - 6 months.  Mind you, there is quite a bit of meat on the bone which makes this palatable to them. 

I think the interest rate will depend on your overall experience and relationship with the lender.  I personally got a 15% hard money loan in STL quite recently.  The terms are up to you and the lender, but I've seen anything from 0% to 25% [e.g., using credit cards] with interest only payments or no payments until the sell.

Bottom-line, it's up to you and your lender to determine the terms.  If the numbers work with the terms identified, run with it!  Happy hunting!

 If you buy right, the tenant is paying the interest.  You are getting 2500 back for 0 in if bought right.  You can tell any story you want with statistics if you're smart or disillusioned.   

Can anyone provide real estate recommendations for Puerto Rico?  A group of investors and myself are looking to start investing there.

Using a HELOC to purchase Turnkey is not a bad decision. All R.E. investing requires discipline. The use of a HELOC is no different.

How many loans do you have?  Don't make it complicated until you have to.