using what I have to my advantage

[Steven Bommarito]

My house is a two family and I have a loan for 50,000 on it. We live in the top and rent the bottom. It appraised for 90,000. I think realistically it would sell for 75 or 80 K. How can I use this to my advantage to sell and get financing for another fixer upper. I now have a down payment if I sell my home but how can I get financing for a next property that needs a lot of work? Seems like I need a lending expert to speak with as I don't want to lose money having to hire professionals to do all the work due to a fha 203k loan if I cant pay in full for something. I need some sound advice on lenders who will play ball. Any thoughts? Steve from st. louis. Thanks

[David Dodge]

@Steven Bommarito you can get hard money loans very easily form Longhorn Investments.  Call them and ask for Lawrence, he is the STL rep.

You should go to a local (small) bank or credit union and you might be able to get a line of credit on your current home.  You can then use this line to invest in additional properties.

Do you have a 401k, IRA, or Roth? If so, contact the Entrust Group (Patrick Hagen - Local STL rep) and you can move your retirement account over to a self directed account that will allow you to invest it in Real Estate vs the typical / standard stocks and bonds.

There are thousands of ways to invest in RE by being creative or even without any money down!

You should checkout the BP book on investing with little or NO money down.  Its a great read written by Brandon Turner and he also does the Podcasts. 

Here is the link:  

http://get.biggerpockets.com/nomoneydown/

If you are not listening to the podcasts that is a great place to start!

Cheers!