Tacoma, WA · Member since 2013 · 86 posts · 3 votes
Hey BPers,
The wife and I was wondering, how do people devote their lives to RE, and quit their jobs to devote all their time to RE, and still get financing? I have an idea how they do it, with hard money loans and what not. But aren't intrest rates on those high? What about a person like me who wants to get into the MF business. Wouldn't the high interests rates defeat the purpose of gathering as much cash flow as possible?
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Hey, getting financing is really no problem if you have money,have great credit and a really good deal, you don't need a job! Most lenders can give you a loan if you can show you don't need it!
You need credit, income, knowledge/experience, collateral and assets to be considered for financing in RE, if you lack in one area, you need to compensate in another area, but the ability to repay and collareal can't be completly overcome with other aspects. Just generally, not always, but usually. :)