All Forum Posts by: Chris George

I am sure that I am not the only person out there that has this problem, but I have finally come to the realization that because I have no cash and crappy credit that a hard money lender is the only way to go right now....if there are other suggestions, that would be great. I have decided that I want to start buying properties and rehabbing them, but my only problem is that I have yet to find a hard money lender out there that is willing to give me a loan with crappy credit and just solely based on the deal. Are there any suggestions on where I should start.

Maybe somebody here can help.......
Does anybody know of someplace where I can go to get a rough estimate of costs for rehabbing.

I just had a question and was wondering if anybody has come across this problem. At first I was looking at getting into REI by wholesaling and then after I heard this, I changed my thought and decided to look at rehabs instead but I haven't been able to do anything yet. I have had several people tell me that the banks usually don't like it or won't even sell you a property if there is an assignable clause in it. Is this true? Any examples? Any recommendations on where I should start?

Any help would be greatly appreciated.

my guess would be that you would be able to make a bid on the property in the name of the LLC. I don't see what the difference would be in purchasing an REO from a bank in the business name and buying a property at an auction. There are many times with wholesaling properties that the bank is unwilling to sell you the house if the contract says that you have the right to assign it to another person. What many people do is purchase the property in the name of the llc with an assignable clause and then instead of assiging the property to that person, they sell the llc to that person. Hopefully this helps.

I am glad somebody started this thread. I live in California in the Central Valley and I am currently renting for $715, its not close to $1000 but I have always been told that it is best to start investing in real estate by buying your own home and then turning around and selling it in 2 years seems how the government lets you put the profit in your pocket.

I have tried looking for an active REI Club in Fresno, CA and have yet to find one. I have found 2-3 but have tried for months to get a hold of the person in charge but to no avail. If anybody knows of any REI Clubs near the Fresno, CA area please let me know.