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Updated over 9 years ago on . Most recent reply

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Karen Pratt
  • Chester, VA
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Access to cash buyers, hard money lenders, as well as wholesale leads.

Karen Pratt
  • Chester, VA
Posted

So I am fairly new to the real estate market as compared to many of you. I try talking with my bank but they discourage acquiring foreclosures. Are the other avenues I can take to acquire additional rental property without taking all of the equity out of my existing rental property. Need some experts to chime in. Access to cash buyers, hard money lenders, as well as wholesale leads.

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Andrew Davis
  • Investor
  • Asheville, NC
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Andrew Davis
  • Investor
  • Asheville, NC
Replied

@Karen Pratt 

I second @Jimmy Moncrief 's sentiment!  I know plenty of banks that will lend for a foreclosure, and some will even lend you money to fix it up!  Find another bank.  Developing a good relationship with local banks will be very helpful for you as an investor.

I would also recommend @Brandon Turner 's book on Investing with no and low money down, if you haven't already heard him shamelessly plug it enough on the podcasts :) !

It has fantastic ideas for funding your projects, and also great information on wholesaling.

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

Good luck!

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