Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago on . Most recent reply

User Stats

154
Posts
34
Votes
Melody Everett-Neddo
  • Quality Technician in a CNC Machine Shop
  • Rapid City, MI
34
Votes |
154
Posts

found a house!! Need Investor help or advice??

Melody Everett-Neddo
  • Quality Technician in a CNC Machine Shop
  • Rapid City, MI
Posted

I found a house that I want to buy as our new primary residence.  It is up for auction and I do not have the cash that it will require.  Please help......How can I get an investor to go in with me at a REASONABLE interest rate (this will be my first time using an investor) so that I can make this purchase a reality.  We plan to sell our current home after we move (provided we get it, that is) which will allow us to then get a mortgage on the "purchased with cash auction home" thereby allowing us to repay the investor (could be a year or more however??)  Once I do that, then I should have enough money to buy a 2nd property to start getting the passive income coming in.  My husband and I have blue collar jobs and a fairly good, some might even say, a rather great, income.   We are in northern Michigan.  I very much appreciate any help you might give a newbie like myself.  Thanks!!

  • Melody Everett-Neddo
  • Most Popular Reply

    User Stats

    1,737
    Posts
    1,507
    Votes
    Jeff Rabinowitz
    • Investor/Landlord
    • Farmington Hills, MI
    1,507
    Votes |
    1,737
    Posts
    Jeff Rabinowitz
    • Investor/Landlord
    • Farmington Hills, MI
    Replied

    It is not very likely you will be able to find a hard money lender who would consider lending on a home that you will be using as your personal residence. Dodd-Frank has convinced most private (non-bank) lenders to cease this practice.

    Loading replies...