Information seeked, not a head hunter !

[Charles France]

I joined this web site hoping to gain knowledge, wisdom and some advice. To my disappointment anytime I ask or want to gain knowledge I am propositioned by people who just want to make money. I also want to make money. And when I am in a position to help someone, I do just that. I help. I also understand making money and am willing to put money in someone’s pocket but not make them rich off one deal.

I say all the above to say this. 

I purchased a home in June of 2017, and when I got the loan, the loan officer asked me not to sell the property till the mortgage got sold otherwise he would suffer penalties. The loan sold to a bank by August, I made payments to the new bank in sept, oct, and November. I have sold the property and am set to close November 28th. So I have been looking at new properties and I have found one. I called my lender and he said he will not do a loan cause he did not make money. Maybe that is true for I am just a regular joe and don’t know too much except I have a dream of flipping homes. My loan was for 60k w 20% down. ( small loan ). 

In 2004 I started my dream. I started with small loans and small properties and by 2008 I had done 12 properties. The first few were small but then I got bigger and bigger loans and houses. I want to do that again but 2008 hit and real estate took a plunge as you may well know, I went through a divorce and got full custody of my four kids. Well needless to say it took me these ten years to start again. I have to start small and slowly get back to where I was. I sold the property for 129k and I will walk with 70k, after paying taxes and my credit cards off that it took to do the rehabbing, I stand to have about 40k left. That’s actually what I made. So what do I do now !?! The lender won’t give me a loan if it’s so small or if I do t hold it for a year, yet I dont have enough cash to purchase a property out right and do the renovations. Please give me some solid advice. I have had plenty of people on here wanting to give me money for a ridiculous return. I understand wanting to make money but the amount that was proposed makes me see why they have “bigger pockets” yet it does not give people such as myself much of a chance at the dream. 

I appreciate any good hearted advice and wisdom. 

Thank you !