All Forum Posts by: Wayne Woodson

It is going to be a challenge getting funding without SOME skin in the game. I have a couple of hard money lenders here that will fund up to 90% of the total costs(acquisition, holding, and renovation), but the last 10% still needs to come from my own pocket.

Another way I've heard some people get started is with an FHA 203k loan. That will only require ~3.5% down, but you will need to be buying as an owner occupant.

There are a number of other avenues... it would help to know a bit more about your situation.

I have some money for a down payment and a good credit score. I did have a repo on my account from 3 years ago and some charge-offs. The FHA 203k loan sounds like the road I would probably go down but are their any gov grants I could apply for? I ask because I was advised by an agent that I could get one.

0 Votes

I am just getting started in the world of rehabs and would like to know how others got funding to do their rehabs when they first got started. I know everyone has to start somewhere so I am just looking for advice as how to get started.

0 Votes

hi @Joel Bridge and welcome to BP. I would check out the rehab fourms here and lurk around a little bit. You would be supprised to see that someone may have already asked a question that you have and you may find post on things that maybe you havn't though of yet.

I also am a flipper here in Nashville as well as being a wholesaler and agent. if you have any questions just soot me a PM.

0 Votes

@Cynthia Cowan welcome to BP. I was a member of the REI group here in Nashville (and probably will be rejoining soon). It is a great group but they just didn't have a lot of things for wholesalers at the time. Also you should check out the Real Estate Meetup group on meetup.com.

0 Votes

I think Morristown is closer to Knoxville than Nashville and Memphis so maye someone from Knoxville should chime in and give a referreal.

0 Votes

I read his book a couple a years ago (How come that idiots rich and I'm not) and met him at our REI group here in Nashville. He really is a great guy and his information is solid.

Keep in mind most of the books he wrote where written pre 2007 and do not apply to today's market.

0 Votes

"those who can do, those who can't guru"

- Wayne

1 Vote

Welcome to BP @Randull Toe

I started when I was 25 at probably the worst time in history to invest (2008). If you have any questions about investing feel free to contact me.

0 Votes

"Usually when an event is free, there you won't find me"

-Wayne

1 Vote

My advice is to not to have a target audience at first and target everyone. Just make sure you are targeting the right area's.

0 Votes

All Forum Posts by: Wayne Woodson

Wayne Woodson has started 35 posts and replied 452 times.

Post: How to get funding for a rehab when first starting out?

Post: How to get funding for a rehab when first starting out?

Post: Hello

Post: New Member from Southern Middle Tennessee

Post: Investor-friendly agent reference for Morristown, TN

Post: Robert Shemin

Post: First "Guru" Presentation

Post: New Member in Nashville, TN

Post: Rich Dad Poor Dad training

Post: 80/20 Principle for Wholesaling