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Updated about 4 years ago on .

User Stats

20
Posts
2
Votes
Cory Thorbeck
2
Votes |
20
Posts

possible ideas or similar asset based lending

Cory Thorbeck
Posted

I have been watching real estate for the past 4-5 years rather frequently. The past two years I have paid closer attention to the market trends in my area. In the meantime, I have been buying and selling form storage, traditional and online auctions. I have done pretty well given return. If i can turn $400 into $1.2k plus, im happy with that.

I came across a deal I could not refuse. It almost sold to someone else but I fought as hard and as courteous as I could to retain it. It is not a real estate deal but physical inventory from a prominent and well known consumer goods retailer.  I spent all of my readily available cash on (somewhere between 0-10% i dont want to disclose.) $60,000+ of commercial physical inventory for service and repair. I've dealt with some items included in this deal before and there was more than the manifest showed. It could possibly be double or triple that amount. I haven't had the ability to go through it all. Also, It's packed tight in a storage space (that I don't feel comfortable with AT ALL).

How I play my cards with having these items can change the way I live for the rest of my life. I could either hold on to it...pay thousands in storage and risk it being stolen or In my mind...get it into a more secure private location ASAP

What I am wanting to do is find an investor or someone willing to lend hard money fast, the items as collateral. With a certain amount being loaned--I havce multiple ideas like  

 erase debt -> increase credit score -> continue to wait for credit increase -> get a traditional loan->acquire home -> risk potentially being stuck there for longer with no other available assests tio invest or use as tools.

pros---no debt beside hard lend which is to be paid by funds from selling goods

cons -- that's it, not very diverse

erase some debt > consolidate my multiple storages in multiple locations and residence ( live work space situation ) -> have available assets for collateral -> use to pay off loan

pros ---less debt > consolidated business efforts/logistics, leverage still for hard lends

cons---no equity

use all assets as collateral for a hard lend to flip n fix with potential to pocket cash save and repeat

pros--can pay down debt whileWhat  still having physical collateral, a lot of work, repetition could purchase my home out right and continually provide equity to establish other funded sources from self with inventory, heloc or other hard money loans

Cons - could take a little bit longer to fully own home.


What should I do in this situation...actually what would you do? is this too far fetched ? Do my goals seem to be unreasonable? Based on your experience is this a decent foundation of sorts and are there people who would consider making a deal with me given the rough outline of some ideas?  I don't know but I know one thing. I don't want to lose this opportunity to change my life for the good.

I am 28 yo Veteran in the Bay Area