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Updated over 9 years ago on .

User Stats

18
Posts
5
Votes
Paul Neeb
  • Agent
  • Temecula, CA
5
Votes |
18
Posts

What type of loan or how to get money together

Paul Neeb
  • Agent
  • Temecula, CA
Posted

So here's the deal... It's time for me to start. Issues I'm up against right now are 1) I am poor and have no money 2) I just retired from the Marines and although I've been a real estate agent since 2007 it's now my full time job so can't use that income to qualify as they say lack of job experience. 

The plan: do what they do on TV.... I see deals all the time that will only work all cash and have great returns but without money I can't get them. I know TV is a lot of drama and scripting but the plan is I'll be the agent my buddy will be the contractor (both already have experience) and we hit it. Oddly enough HGTV doesn't want to document or fund this... I've asked already.

2 Ex deal that I just saw and couldn't find a buyer for or the money for: 

Deal 1)Purchase price 795k rehab 200k ARV 1.3-1.4mil. That was an REO SFR in a great area. That's over 200k return after closing costs which to me is a lot. not to mention I would have gotten 3%(another 24k) on the front as the agent purchasing it

Deal 2) Purchase price 275k rehab 30-40k ARV 410-420. Again an REO SFR again another 50k in return which is still a lot to me

The Question: is there any type of loan I can get that's not secured by any particular property? Maybe a business start up loan? Can't do hard money because i don't have the 25% LTV. I've been looking into Veteran business startup loans but those are more for brick and mortar stores than what I'm trying to do.

I'm estimating that I need about 300-350k to do this in my area. Can't move to another area because the wife won't let me and I like SoCal. Can't take out a HELOC (150k in equity) again because the wife wont let me and the income thing discussed earlier. If i get rid of the wife I won't get much of the 150 so that's not an option either..... Subject to doesn't really work down here so that's not an option either.

There has to be a way what am I missing or don't know yet?