All Forum Posts by: Account Closed

forget SBA that won't work for you .. SBA you have to go through a bank and qualify just like any other loan and with no verifiable income you would get denied.

find a equity partner that's what you need.. get your bona fide's established then branch out from there.. this is how your going to do it.. and then pinch yourself you so lucky to play in a sand box were you can buy a house for less than most cars. and get into the industry.. out here on the west coast cost of entry is well north of 100k and in other parts of the west it could be 500k minimum to get started.. YOu have it very lucky were your at. Just get those cash partners behind you

Other than Craigslist(even on CL, what do I even post?), how exactly do I go about finding these cash partners?

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Originally posted by @Jay Hinrichs:

@Account Closed

frankly going the loan route right now is just not realistic.. Lenders and loan officers really hate these little loans they are really tough to do.. There is no money to be made with them. Yet one would have to do all the same work you would do on a 250k loan were the LO could make 5k or more per file... 30k loan they maybe make 500 bucks or so.. who is going to do that. And the banks know that those low value loans default rates are through the roof so hard to do really. this is why you will see most lenders have a 50k minimum even hard money lenders not all but many

Thank you Jay, good info! Maybe if I start an LLC, I could try to obtain a microloan from the SBA.

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Originally posted by @Jay Hinrichs:

@Account Closed

find a cash partner these are small dollars.. put an add in craigs list... simply :

I find it do all the work split profit 50/50.. you will find a local person that will take a flyer on you.. If you present well and can show some examples of your work.

Get experience and track record then you can go HML route.. Most HML will want you to have skin in the game to start out with get track record with them and they will fund 100% after time.

Thank you Jay; good advice. I was wondering a little bit about the hard money lending route. It seems like it may be an option for me if I can't get a family member or friend to back me up on a loan or something.

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Originally posted by @Jerry Padilla:

@Account Closed another idea is taking out some credit cards from local credit unions with lower interest rates and using that to fund your rehab.

Thank you Jerry, I will definitely look into that route; that is a good idea.

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Originally posted by @Scott K.:

Originally posted by @Account Closed:

Hello, I am trying to break into the real estate rental business however funding is my road block right now. I have a plan to buy cheaper housing around Cleveland, OH and doing modest rehabs. I want to provide affordable housing to my fellow lower class and middle class Clevelanders.

I will be doing the rehabs myself with the help of my friends and family, so I save on labor costs right there. I plan on buying budget materials and doing quality work myself. I have fair credit, a sizable down payment, but I do not have verifiable income; I am earning money myself through various odd jobs and helping friends/family.

I need to find funding, but have no clue where to go because a bank won't approve me without verifiable income. I am kind of stuck right now and feel like I am treading water. I really want to go forward with this, but don't know how. Any advice would be great.

Thanks

well for one get a real job that you can prove wages.

Hmmm free labor from family and friends???????????

You need a real job or start your own business and set it up so these "odd" jobs get paid to your business. And soon you will have documented income.

I wasn't asking for life advice. I am self employed and I never said free labor. I said that I would save on labor; meaning friends and family would work at a discounted price.

I was thinking about starting an LLC to help get this ball rolling; so you also think that would be a good idea?

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Originally posted by @James Wise:

Nick we are very active in all of those areas. With you doing your own rehabs your numbers are definitly achievable.

Thank you James. The only problem is funding.... I just don't know what to do funding-wise. A bank won't even work with me w/o verifiable income.

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Originally posted by @James Wise:

@Account Closed

welcome to the site.

What types of neighborhoods and price points are you looking into?

Hi James, I am looking into the West Side of Cleveland, primarily the Brooklyn Centre, Old Brooklyn, Ohio City, Tremont, Detroit Shoreway, Edgewater, Jefferson, West Park, and parts of West Blvd. neighborhoods (basically the entire west side excluding Cuddell and Stockyards) and I'm not really looking to spend more than $20,000 on a purchase; the less the better on rehab as well. Maybe no more than $30,000 altogether including purchase and rehab.

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Thanks

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All Forum Posts by: Account Closed

Account Closed has started 31 posts and replied 78 times.

Post: Advice needed on funding.

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Post: Advice needed on funding.

Post: Advice needed on funding.

Post: Advice needed on funding.

Post: Advice needed on funding.