How to get my question answered?

Question

Have asked questions about financial but no one seems to answer my question. Please can someone help me on my question.

Lydia R. · Answer

@Whitney Michelle Buckley I am not trying to discourage you, I am trying to educate you to the reality of what you are trying to do. If you dont know these people who have miraculously become rich beyond their wildest dream then maybe take their story with a grain of salt because there are probably some embellishments. Our president claims to be a self made man...with a small loan of a million dollars...from his father. 🙄🙄

Your misconception of your HML shows that you need a little more education about what you are trying to do. Your HML will finance your project 100% IF the purchase price AND rehab are less than or equal to 70% of the ARV. If you are buying from the MLS (which it sounds like you are) then your numbers are probably not going to allow the type of financing that you are interested in. And if you have no experience your HML is going to charge you points up front, a bunch of closing fees and require interest only monthly payments while you own the property.

I think that the people who have replied to this post (who have actual experience doing what you say you want to do) are trying to point you in a direction that has a better chance of success. Lashing out at people who are telling you the truth instead of what you want to hear is not conducive to success.

Steven Ko · Answer

@Whitney Michelle Buckley you can get working capital money many ways but a simple method is getting a job.

Jessica G. · Answer

@Whitney Michelle Buckley I'm not trying to be facetious at all, but if you know people who had no money and then became rich beyond imagine I'd probably be getting with those people asap to learn what they did. Also, I'd love their contact information as well ;)

Jon Huber · Answer

@Whitney Michelle Buckley  I respect the determination. Yes, even you with "no money become rich beyond imagine with the right path"... however, this is the exception not the rule. My question to you is... let's pretend you own the company you work at. You spent years working so hard to build a nice fortune for yourself.

Would you give a portion of that money to someone you didn't know, with no experience or track record, alright credit, no capital to contribute... that also works "no less than 80 hours a week" so wouldn't have a lot of time to flip properties to get you a return on your money?

There are other avenues worth exploring, but it may come in the form of a partnership. No, you won't get all the profits. But with a couple of partnered deals under your belt, you will get capital to contribute, and you will gain insight, and gain experience... and then you will have a more impressive resume. You will be obtaining the same credibility as your experienced partners because you will be doing the deals that THEY do.

Remember, this is a marathon, not a sprint. It's only important that you keep moving forward. Right now, I am not hearing forward progress, but reasons why you aren't progressing. There are always more ways to get something done.

Lydia R. · Answer

@Whitney Michelle Buckley @Wayne Brooks is correct. You are just one of many hundreds of thousands of people who decided to get into real estate investing in 2019. No one is going to give you start up capital/working capital with you having no experience, no money of your own to bring to the table and a mediocre credit score. Im not trying to be mean, just giving you the facts. If you dont have the money to even put up EMD then you really shouldnt be trying to buy properties until you have some cash reserves. The majority of HMLs dont do 100% financing. They will required you to have some skin in the game also, so either partner with someone who has money and experience or start saving your money so you can do some deals on your own.

Wayne Brooks · Answer

The short answer is....you won’t. An unsecured working capital LOC is only for people who have a track record of actual business and income, and showing a profit, or have Really strong personal finances.

It is a delusion to think you can do fix and flips without even EM.

Your best bet is to find a partner with cash.

Account Closed · Answer

@Whitney Michelle Buckley of the 2 deals that you had under contract that fell through, could you have sold one of the contracts then used the proceeds as the earnest money on the second contract?

If you are able to find true deals and put them under contract you have something of value, even if you don't have the earnest money at the time.

Good luck.

Jason D. · Answer

@Whitney Michelle Buckley I think the first thing to do is work on your personal financials. 600 credit and no money saved for even earnest money are HUGE hurdles to overcome. You need to figure out the reason you have these financial issues, and fix them.

If you can get your credit to 700 and have $10k -$15k in savings, the rest will come so much easier.

There are people that have gone from nothing to millions, or billions of dollars. But, for every one you know of, there are a million that have failed that you never heard of.

Whitney Michelle Buckley · Answer

@Jessica G. sure I will help you out with that contact info, here are a a few of the people I “KNOW OF” because apparently you have to watch how you phrase things today.

Chris Gardner - I’m sure you can look his company up and reach out to him.

He succeeds, not only at single fatherhood, but also at business, founding a multi-million-dollar company. A man who refused to give up. You can also learn about him in the little known box office hit “The Pursuit of Happiness”

Sam Walton I’d give you his contact information but it’s on a headstone in AR but when he dies he was worth over 8.6 billion dollars and he slept in his car at one point in his life.

@Jon Huber thank you for putting straight yet still helping me see what I need to do to get  a firm foot in the door instead of laughing at the thought of me trying to become something for my son, more then I am now. I appreciate you sir.

Whitney Michelle Buckley · Answer

@Steven Ko thank you I currently have a job. I am a full time Apple Advisor working no less then 80 hours a week fixing your Apple products and being courteous to people such as yourself who tend to kick someone when they are down. Have a fantastic day as well sir.

How to get my question answered?

Most Popular Reply